Question

faincial statement defined​

Answer 1

Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. ... A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.

"The objective of financial statements is to provide information about the financialposition, performance and changes in financial position of an enterprise that is useful to a wide range of users in making economic decisions."

A general-purpose set offinancial statements usually includes a balance sheet, income statements,statement of owner's equity, andstatement of cash flows.

Answer 2

The term financial statment as used in accounting refer to statment which are prepared at the end of a give period of time for a business enterprise