Any statement which is prepared to record some sort of financial data is known as financial statement. It may be a simple petty cash template statement, an expense report, a balance sheet or an income statement. The financial statement formats which are prepared on annual basis include income statement, profit and loss statement, statement of retained earnings etc. A financial statement will include financial data for instance if income statement, it will describe the net income of the business for a specified period of time and if it is a statement of retained earnings, it will tell how much retained earnings are there with the business which will further be used in drawing different conclusions about business.
With the help of financial statement the management of company can check the status and performance of financial accounts. Truly in point of view of business, a financial statement may provide a bit of information with respect to the financial values of company. Almost certainly, a financial statement will equally help the investors and creditors to evaluate a company’s financial performance. Apart of this, a financial statement can also support the business to communicate with other entities or all the interested outside parties who willing to know the current financial values of company maybe for the sake of investment. In point of view of general scenario, there’re different type of financial statement templates that fully focus on diverse areas of financial performances, yes! Some statements used for operating results of company, some for financial conditions, some for cash flow and others for shareholder’s equity.
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