Answer Posted / viswanatha reddy
Every company issues their financial statement at the end of
each fiscal or financial year. These documents provide a
summary of all revenue and expenses incurred by the business
during this period. The audience for the financial
statements includes company officers, investors, creditors,
and customers.
A typical financial statement is comprised of three separate
reports: income statement, balance sheet, and cash flow.
These three documents provide a detailed view into company
operations, volume of sales and overall management. In a
publicly traded company, an independent accounting firm
reviews these statements and an opinion on the accuracy of
these reports is provided. This is called an audit opinion
statement and is used to provide assurance that the
company’s records are accurate.
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