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Financial statements are organized summaries of detailed information about operating results and financial position of the concern. They are prepared at the end of the accounting period, generally one year. Financial statements are prepared to achieve the basic objectives of accounting, which are: to find out the profit earned or loss incurred by the firm during a given period of time.
Financial statements are organized summaries of detailed information about operating results and financial position of the concern. They are prepared at the end of the accounting period, gen…