1.Financial statements are prepared:Only for publicly owned business organizations.For corporations, but not for sole proprietorships or partnerships.Primarily for the benefit of persons outside of the business organization.In either monetary or nonmonetary terms, depending upon the need of the decision maker.
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Primarily for the benefit of persons outside the organization.
Financial statements are prepared by any company to assess the company's financial situation and position for the year or over the years. They contain records of the company's activities over the year and convey the financial performance of the company. These statements are primarily created for the benefit of persons outside the organization like the investors, creditors, and other people who need to know the company's financial performance before making a contract with the company.
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