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Financial Statements are prepared for the purpose of presenting a periodical review or report of the progress made by the concern. They are prepared on the basis of Recorded Facts and deal with the status of investment in the business and the result achieved during the accounting period. UFinancial StatementsP refer to at least two statements which the accountant prepares at the end of a given period. These statements are Profit and Loss Account (Income Statement) and Balance Sheet (Position Statements)
Financial Statements are prepared for the purpose of presenting a periodical review or report of the progress made by the concern. They are prepared on the basis of Recorded Facts and deal w…