Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.
Accounting information is useful for the users because it provides the summarized and analytical reports at one place which helps the users to fulfill their objectives. The groups that create demand for the financial information are explained as follows:
The information provided by each type of financial statement and their use for different users.
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