Financial report

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A financial report (alternatively known as financial statement; hereinafter, the Report) is any report that is produced by a legal entity in order to reflect its financial data and financial standing. These Reports indicate how well the business is or is not doing, what the business is worth, and are used to calculate income tax due to be paid to the government.


Core statements

Preparers

Some of the Reports are produced by a Certified Public Accountant at the end of the financial year based on all the financial data entered to the bookkeeping system by the bookkeeper.


Related concepts

Related lectures