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Financial Reporting

Balance Sheet:

A balance sheet provides a snapshot of a company’s financial position at a specific point in time, typically at the end of a reporting period (such as a month, quarter, or year). It presents the company’s assets, liabilities, and equity. Assets are what the company owns, including cash, accounts receivable, inventory, and property. Liabilities are what the company owes, such as accounts payable, loans, and other debts. Equity represents the company’s net worth, calculated as assets minus liabilities, and includes items such as retained earnings and shareholder equity. The balance sheet follows the accounting equation: Assets = Liabilities + Equity.

Income Statement:

Also known as a profit and loss statement (P&L), the income statement shows a company’s revenues, expenses, and profits or losses over a specified period, such as a month, quarter, or year. It begins with total revenues earned during the period, which may include sales revenue, service revenue, interest income, and other sources. From this, the statement deducts various expenses, such as cost of goods sold, operating expenses, interest expenses, and taxes, to arrive at the net income or net loss for the period. The income statement reflects the company’s ability to generate profits from its operations.

Statement of Cash Flows:

The statement of cash flows provides information about how a company generates and uses cash during a specific period, such as a month, quarter, or year. It categorizes cash flows into three main sections: operating activities, investing activities, and financing activities. Operating activities include cash flows from day-to-day business operations, such as sales revenue, payments to suppliers, and salaries paid to employees. Investing activities involve cash flows related to the buying and selling of assets, such as purchases of property, plant, and equipment or investments in securities. Financing activities include cash flows related to the company’s capital structure, such as proceeds from issuing stock or debt, repayments of debt, and payment of dividends. The statement of cash flows helps stakeholders understand how a company generates and uses cash to support its operations, investments, and financing activities.

These financial reports are essential for stakeholders, including investors, creditors, management, and regulatory authorities, as they provide valuable information for decision-making, assessing financial health, and ensuring transparency and accountability.

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