√ Definition of Financial Statements and their Types (Complete)
Definition of Financial Statements and Their Types (Complete) - This time we will discuss financial statements. Often we talk about managing financial reports in our lives so that we can properly manage the finances we have.
But not only in everyday life, but financial reports are also used in companies so that they can manage the company's finances so that they do not suffer losses. That's how much we know.
Definition of Financial Statements and Their Types (Complete)
To be clearer about this article, let's continue the discussion below.
Definition of Financial Statements
Financial statements are reports that show the condition of the company's finances at this time or in a certain period. Meanwhile, the purpose of the financial statements is to be able to show the current financial condition of the company, which is the current financial condition of the company.
The current condition of the company is a company's financial condition on a certain date (for the balance sheet) and also a certain period (for the income statement).
Financial reports are usually made per period, for example once every 3 months or every 6 months as internal company needs. For broader financial reports are usually done once a year.
With a financial report, we can find out from the company's current financial condition after analyzing the financial statements. While the essence of the financial statements is to describe the company's financial posts obtained from a period.
In practice, we can get to know various kinds of financial statements, for example.
Various Kinds of Financial Reports
In the financial statements there are various kinds of financial reports, to be able to know clearly what kinds of financial reports are. Let's continue the discussion below.
balance sheet
The balance sheet is a financial report that can show the total assets (assets), liabilities (debt), and also the company's capital (equity) of a company in a certain period.
Income statement
Profit and Loss Report is a financial report that can show the business condition of a company in a certain period.
Statement of changes in capital
Report on Changes in Capital is a financial report that can describe the amount of capital owned by a company at this time.
Report Notes to Financial Statements
Report Notes to Financial Statements are financial reports made in relation to the financial statements provided.
Cash flow statement
Statement of Cash Flows is a financial report that can show cash inflows and cash outflows of the company. Cash inflows are in the form of income or loans from other parties. While cash outflows are costs that have been incurred by the company.
So many explanations that can be given regarding Definition of Financial Statements and Their Types (Complete), financial statements are something that can show a condition of a company. As well as having various kinds of financial reports in a financial report. Hopefully useful 🙂
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