financial Statements


financial Statements
Summaries of the accounting transactions and financial position of an organization or individual at a specific date. The main elements of financial statements are the *balance sheet, which offers a snapshot of *assets, liabilities, and *equity at a given date, and the *income statement, which sets out operating results and *net income for a defined time period leading to the balance sheet date. Under most systems of *Generally Accepted Accounting Principles, other components of financial statements typically include a *cash flow statement, explanatory notes, and a *directors’ report. The quality of financial statements is often judged in terms of relevance, reliability, and usefulness in decision-making. See also *fair presentation.

Auditor's dictionary. 2014.

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