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Personal finance statement
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Personal finance statement
personal finance statement (or financial reports) are formal records of a business' financial activities. These statements provide an overview of a business' financial condition in both short and long term. There are four basic personal finance statement.
1. Balance sheet: also referred to as statement of financial position or condition, reports on a company's assets, liabilities and net equity as of a given point in time.
2. Income statement: also referred to as Profit or loss statement, reports on a company's results of operations over a period of time.
3. Statement of retained earnings: explains the changes in a company's retained earnings over the reporting period.
4. Statement of cash flows: reports on a company's cash flow activities, particularly its operating, investing and financing activities.
For large corporations, these statements are often complex and may include an extensive set of notes to the personal finance statement and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to personal finance statement are considered an integral part of the personal finance statement.
1. Balance sheet: also referred to as statement of financial position or condition, reports on a company's assets, liabilities and net equity as of a given point in time.
2. Income statement: also referred to as Profit or loss statement, reports on a company's results of operations over a period of time.
3. Statement of retained earnings: explains the changes in a company's retained earnings over the reporting period.
4. Statement of cash flows: reports on a company's cash flow activities, particularly its operating, investing and financing activities.
For large corporations, these statements are often complex and may include an extensive set of notes to the personal finance statement and management discussion and analysis. The notes typically describe each item on the balance sheet, income statement and cash flow statement in further detail. Notes to personal finance statement are considered an integral part of the personal finance statement.
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