What are Financial Statements?
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What our financial statements, financial statements are structured representation of financial position and financial performance of an entity. The objective of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making sound economic decisions. Financial statements also show the results of the management's stewardship of the resources interested to it in layman's language, financial statements are the end product of the accounting process. These refer to the accountant reports based on data gathered, accumulated and processed in financial accounting that are periodically communicated to the variety of users, particularly the owners and creditors.