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All the financial activities of any business or individual entity are formally recorded. These records are known as financial statements. A financial statement is also known as financial reporting. Financial report or financial statement is a summary report. Financial statement is a standard practice. It shows that how the funds entrusted by its shareholders or stockholders is used by the business, further letting the current financial position of the business. Financial statements record the financial activities of the business. These are meant to provide a clear financial position of the business. The auditing of financial statements is often done by accountants, firms, government agencies. Financial statements are audited to ensure the accuracy and for tax, financing or investing purposes. Financial statements provide an accurate and honest accounting for the business. Financial statements are written reports. These reflect the financial effects of the business financial transactions.
Financial statements should be relevant, comparable and reliable. Financial statements should be easy to be understood. Financial statement should present relevant financial information of the business. These financial records are collections of the reports of the financial results, financial conditions and cash flow of the business. There are four main types of financial statements.
- Financial Statements of Financial Positions: These are also known as balance sheets. It presents the financial position of the business at a given time. There are three elements of which it is comprised of:
- Assets: Assets are the economic resources which a business owns. Asset is any tangible or intangible which is can produce economic value to the company. These include cash, equipments, machinery, inventory etc.
- Liabilities: Liabilities is something which a business owes to someone. These include the creditors, the bank loans etc. It is a company’s legal debt. It is the obligation which arises during the business operations.
- Equity: Equity represents the capital amount that remains in the business after its assets are used to pay off its outstanding liabilities. It is what the business owes to its owners, represents the difference between the assets and the liabilities.
- Cash Flow Statement: This type of financial reporting provides the movements in the cash and the bank balances over a certain period of time. It is also known as the statement of cash flows. It represents how the changes in the balance sheet accounts and income can affect the cash and the cash equivalents. It is a quarterly financial report. The publicly traded company is required to disclose its cash flow statements to the SEC and the public. Cash flow statements are also known as the business financials. Sometimes, cash statement is also referred as the statement of retained earnings. The cash flows movement is classified into:
- Operating Activities: These represent the cash flow from the primary activities of the business.
- Investing Activities: These represent the cash flow from the purchase and sale of the assets other than the inventories such as purchase of a factory plant.
- Financial Activities: These represent the cash flow which is generated or spent on the raising and repaying the share capital and the debt together with the payments of the interest and the dividends.
- Income Statement: This type of financial statement measures the financial performance of the company over a particular accounting period. As it reports the financial performance of the company in terms of net profit or loss over a certain period, it is also known as the profit and loss statement. There are two elements in the financial income statement:
- Income: income is something what the business has earned over a period of time. For example: the dividend income, sales revenues.
- Expenses: Expenses are the costs which a business has incurred over a time period. It includes the salaries and the wages, the rental charges and the depreciation.
- Statement of Changes in Equity: It is also known as the statement of retained earnings. It details the movements over a time period in the owner’s equity. Over an accounting period, the movement in the shareholder’s equity is comprised of the following elements:
- The net profit or the loss during the accounting period is attributable to the shareholders
- Increase or decrease in the share capital reserves
- Dividend payments in the shareholders
- Gains and losses which are directly recognized in the equity.
- The correction effect in the accounting policies
- Changes effect in the accounting policies
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