Principal Financial Statements
Every businessman is interested in knowing two facts about his business - whether he has earned a profit or suffered a loss during a particular period and the what his financial position is on a particular date. For this purpose, financial statements are prepared at the end of the accounting period. These statements are also called as Final Accounts. Financial statements reflect the financial operations of the enterprise during the period under consideration and the Financial position at the end of the period. Financial Statements are the primary means of communicating financial information to the external users or more specifically, decision-makers.
The purpose of the accounting process is the preparation of the financial statements. It is the final step in the accounting process. Understanding the financial statements does not necessarily mean that you must be able to prepare them. However, if you are able to prepare them, then you have the advantage of analyzing the information in greater depth.
Financial statements portray the financial effect of transactions and events by grouping them into classes broadly called elements of Financial Statements. A complete set of financial statements normally consists a Balance Sheet, a profit and loss Account, and a Statement of Cash Flows, notes and related statements.
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