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Financial statements are financial reports which summarize the financial condition and operations of a business. Included in a financial statement are a balance sheet, income statement, and also a cash flow statement.
Balance Sheet
What are benefits to a financial balance sheet?
A balance sheet is something used in the accounting side of a business. It is essentially a snapshot of the company's financial condition.
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A Balance Sheet, also sometimes referred to as a Statement of Financial Position.
A balance sheet, also called a "statement of financial position", reveals a company's assets, liabilities and owners' equity (net worth). The balance sheet, together with the income statement and cash flow statement are used to identify/gauge a company's financial status or position. If you are a shareholder of a company, it is important that you understand how the balance sheet is structured, how to analyze it and how to read it.
Income statement shows the activity of current or one fiscal year of business while balance sheet shows the overall financial condition of business from start of the business to till date.
Balance sheet is a type of financial statement. Other types of financial statements could be income statement and statement of cash flow.
The 'financial statement' reflects the financial position of a company at any given time.