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WHAT IS FINACIAL STATEMENT?

Financial Statement - Class 12 Account

Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes. A Financial statement includes:

  • Balance sheet – It is a report of a company’s financial worth in terms of book value.
  • Income statement – This breaks down the revenue a company earned against the expenses involved in its business to provide net income profit or loss.
  • Cash flow statement – it is used to analyze the value of a company.

Investors and financial analysts rely on financial data to analyze the performance of a company and make predictions about its future direction of the company’s stock price.
The Balance Sheet provides an overview of a company’s assets, liabilities, and owner’s or stockholders’ equity on a given date. The date at the top of the balance sheet tells you when the snapshot was taken, which is generally the end of the fiscal year.

Get CBSE Class 12 Online Classes for & video lectures Accounts and other subjects which is according to NCERT Class 12 Accountancy syllabus. We also provide NCERT SOLUTIONS for Class 6 – 12.

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