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Explanation:
What Are Financial Statements?
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. Financial statements include
PART OF
How to Value a Company
CORPORATE FINANCE & ACCOUNTING FINANCIAL STATEMENTS
Financial Statements
By CHRIS B. MURPHY Reviewed by MARGARET JAMES Updated Sep 9, 2020
TABLE OF CONTENTS
EXPAND
What Are Financial Statements?
Using Financial Statements
Understanding Balance Sheets
The Balance Sheet Formula
Data From the Balance Sheet
Balance Sheet Items
Example of a Balance Sheet
Income Statements
Income Statement Formula
Data From Income Statements
Example of an Income Statement
The Cash Flow Statement
Data From Cash Flow Statements
Example of a Cash Flow Statement
Financial Statement Limitations
What Are Financial Statements?
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. Financial statements include:
Balance sheet
Income statement
Cash flow statement.
KEY TAKEAWAYS
Financial statements are written records that convey the business activities and the financial performance of a company.
The balance sheet provides an overview of assets, liabilities, and stockholders' equity as a snapshot in time.
The income statement primarily focuses on a company’s revenues and expenses during a particular period. Once expenses are subtracted from revenues, the statement produces a company's profit figure called net income.
The cash flow statement (CFS) measures how well a company generates cash to pay its debt obligations, fund its operating expenses, and fund investments.
Answer:
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. Financial statements include:
Balance sheet
Income statement
Cash flow statement.