Financial Statements are formal documents which provide insight into the financial health of an individual or organization. They include balance sheets, income statements, cash flow statements, statement of changes in equity, and sometimes notes to the financial statements. The balance sheet provides a snapshot of the assets, liabilities, and equity of an entity at a specific point in time. It is derived from the double-entry accounting system which requires that each transaction be recorded twice, with a debit entry and a credit entry. The income statement shows the revenues and expenses of an entity for a given period of time. It is used to calculate net income, which is the difference between total revenue and total expenses. The cash flow statement shows the cash inflows and outflows of an entity during a given period of time. It is used to determine the cash position of an entity. The statement of changes in equity shows the changes in the equity of an entity during a given period of time. It is used to measure the performance of an entity. The notes to the financial statements provide additional information about the financial statements. They may include information about accounting policies, assumptions, and other details related to the financial statements.
Financial Statements
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How to fill out Financial Statements?
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