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Financial Statements

Financial Statement is basically a formal record of financial activity of a business or person or other entity.

Inside the financial statement consists of 3 different components i.e. balance sheet, income statement and cash flow.

Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position.

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Category: Business

Total terms: 22


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