What is Financial Statement?

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Financial statement is the summary of accounting process of any firm. There are two aspect of financial statement. Income statement or profit or loss account other is position statement or balance sheet of the firm.

Income statement or profit and loss account is the summary for firm income generated and firm expenditure on particular period of time.

Position statement or balance sheet is the summary of a firm its capital and liabilities, reserve & surplus, creditors, loan while other site of position statement show cash at bank, cash at hand, firm assets, debtors. 

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