The Financial statements are records of income and expenditure, and assets and liabilities of a business firm. Income and expenditure are revenue related transactions. Financial Statements are also known by other names like the Financial Reports. There are two most important Financial statements:
- The Balance Sheet, and
- The Profit & Loss Statement (or, the Income Statement)
Other two important Financial Statements are: the Cash Flow Statement and the Statement of Changes in Shareholders Equity.
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