A Financial Statement is a formal record of the financial activities of a business, person, or other entity. It provides an overview of a business or person's financial condition in both short and long term. There are four basic types of financial statements:

1. Balance Sheet: Also known as a statement of financial position, it reports on a company's assets, liabilities, and ownership equity at a given point in time.

2. Income Statement: Also known as Profit and Loss statement, it reports on a company's income, expenses, and profits over a period of time. Profit & Loss account provide information on the operation of the enterprise. These include sale and the various expenses incurred during the processing state.

3. Statement of Retained Earnings: Explains the changes in a company's retained earnings over the reporting period.

4. Statement of Cash Flows: Reports on a company's cash flow activities, particularly its operating, investing

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A Financial Statement is a formal record of the financial activities of a business, person, or other entity. It provides an overview of a business or person's financial condition in both short and long term. There are four basic types of financial statements:

1. Balance Sheet: Also known as a statement of financial position, it reports on a company's assets, liabilities, and ownership equity at a given point in time.

2. Income Statement: Also known as Profit and Loss statement, it reports on a company's income, expenses, and profits over a period of time. Profit & Loss account provide information on the operation of the enterprise. These include sale and the various expenses incurred during the processing state.

3. Statement of Retained Earnings: Explains the changes in a company's retained earnings over the reporting period.

4. Statement of Cash Flows: Reports on a company's cash flow activities, particularly its operating, investing

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A Financial Statement is a formal record of the financial activities of a business, person, or other entity. It provides an overview of a business or person's financial condition in both short and long term. There are four basic types of financial statements:

1. Balance Sheet: Also known as a statement of financial position, it reports on a company's assets, liabilities, and ownership equity at a given point in time.

2. Income Statement: Also known as Profit and Loss statement, it reports on a company's income, expenses, and profits over a period of time. Profit & Loss account provide information on the operation of the enterprise. These include sale and the various expenses incurred during the processing state.

3. Statement of Retained Earnings: Explains the changes in a company's retained earnings over the reporting period.

4. Statement of Cash Flows: Reports on a company's cash flow activities, particularly its operating, investing

What is meant by Financial Statement ?

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