Accountant
1500 Points
Joined May 2010
Dear all,
Components of Financial Statements.
A complete set of Financial Statements normally consists of
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a Balance Sheet,
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a statement of Profit & Loss and
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a Cash Flow statement together with (a) notes (b) statements and (c) other explanatory materials that form integral parts of the Financial Statements
The above component parts of Financial Statements are interrelated because they reflect different aspects of same transactions or other events.
Each above component although provides information that is different from each other, none in isolation is likely to serve any single purpose nor can any one provide all information need by users like you and me, rest of the persons living in economic world.
From:
Venkateswara Rao Sapare