financial statement
Definition
Summary report that shows how a firm has used the funds entrusted to it by its stockholders (shareholders) and lenders, and what is its current financial position. The three basic financial statements are the (1) balance sheet, which shows firm's assets, liabilities, and net worth on a stated date; (2) income statement (also called profit & loss account), which shows how the net income of the firm is arrived at over a stated period, and (3) cash flow statement, which shows the inflows and outflows of cash caused by the firm's activities during a stated period.
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financial statement is in the Accounting & Auditing and Banking, Commerce & Finance subjects.
financial statement appears in the definitions of the following terms:
all purpose statement,
translation,
perjury,
review,
entity,
objectivity,
human capital,
accounting rate of return (ARR),
accuracy,
absorption account
and
financial statement appears in these other terms: combined financial statement, audited financial statements, consolidated financial statement, comparative financial statement, primary financial statements, basic financial statements, normalized financial statement, common-size financial statement, financial statement method
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