December 30 2017
Financial statements are an overview of a company owner’s businesses’ financial data, which would include their balance sheets, income statements as well as the Statement of Retained Earnings, Statement of Changes in Financial Position (SCFP) and the Notes to the Financial Statements and other key supporting documents. It presents the entities current financial position.. These are formal records of the financial activities of a business. They are statements that provide an overview of the profitability and financial condition of the business in the short and long term.
The bookkeeper or the owner of the business should have a copy.
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