Home > Term: basic financial statements
basic financial statements
Accounting reports compiled in conformity with the provisions of GAAP, and necessary for the fair evaluation of operations of an entity. For businesses, the balance sheet, income statement (profit and loss account), and the cash-flow statement make up the set of basic financial statements.
- Part of Speech: noun
- Industry/Domain: Accounting
- Category: General accounting
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- anton.chausovskyy
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