Updated July 24, 2015
What is a Financial Statement Chicago Illinois
Financial Reports
A financial statement (or financial report) is a record of the financial activities of a business, person, or other entity. The relevant financial information is presented in a in a form easy to understand, and are called the financial statements. They typically include two or three basic financial statements:
- 1. Balance Sheet – reports on a company’s assets, liabilities, and equity at a given point in time.
- 2. Income State or Profit and Loss Statement – reports on a company’s income, expenses, and profits or losses over a period of time. These statements provide information on the operation of the enterprise, which includes the sales and the various expenses incurred during the period. Generally, these statements have a beginning and ending period.
- 3. Statement of Cash Flows – reports on a company’s cash flow activities, particularly its operating, investing, and financing activities.
In addition to the financial statements, accompanying notes to the financial statements, and ledgers proving the validity of the statements are common.
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