The financial statement with a balance sheet depicts the company's cash-basis financial performance.
What does a financial statement mean?
- Financial statements are documents that describe a company's operations and financial performance.
- Government organizations, accounting companies, etc. frequently audit financial statements to guarantee accuracy and for tax, financing, or investing purposes.
- Lenders and investors use it to evaluate a company's financial stability and earnings potential.
- The income statement, balance sheet, and cash flow statement are the three primary financial statements.
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