Management Notes

Reference Notes for Management

Financial Statements – Meaning, Nature, Objectives, Attributes, Importance, Limitations and Trends | Introduction to Cost Accounting

Financial Statements

Financial Statements

The term ‘financial statements’ refers to a series of reports and schedules prepared by an accountant at the end of a given period of time for a business enterprise. Financial statements are used by the accounting system as a means to provide summarised information about the financial affairs of the business. They include the Balance Sheet, Profit & Loss Statement, and Income Statement. To give a complete picture of the financial affairs of an organization, an organization may also prepare a Statement of Retained Earnings and a Cash Flow Statement.

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