Question

what is financial statement and how will this be used in accounting process?​

Answer 1

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.

Answer 2

Answer:

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 stockholder's equity as a snapshot in time.