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Importance of Financial Statements

The information contained in the financial statements is very useful for management, especially for taking financial decisions. It also helps the outsiders, such as lenders, short-term creditors, employees, customers, present and potential investors, Government and their agencies (stake holders) to satisfy some of their different needs for information. They get a better insight about the financial strengths and weaknesses of the organisations.

Financial Statements Include

  • Trading and Profit and Loss Account
  • Balance Sheet abstract
  • Notes to accounts
  • Cash flow statements



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