A financial statement is a formal document that outlines the financial activities and position of a business, individual or any other entity. Usually these statements are big players in the world of accounting and quantify the financial strength, performance or liquidity of an organization. These statements are used to reflect the financial effects of a business transactions and activities on the entity or individual. Generally the financial reports are prepared by the company’s managers to represent the financial performance and position at a point in time. These documents are the basic source of financial information for most decision makers.
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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