Financial Statement
Financial Statement
- Your Financial Statement is a written summary of the
financial status of your corporation for a particular period of time. It
includes an income statement and balance sheet describing your cash flow, profit
or loss, and distribution or retention of profits, if any. Financial statements
that are not based upon audited numbers are generally referred to as
Compilations. Due to the high cost of audited financial statements the majority
of private corporations make due with
compilations.
Disclaimer: The foregoing is intended to provide general information and may not be suitable in specific instances. The glossary information is not intended to be exhaustive, but rather to illustrate typical considerations. The material is provided with the understanding that it is not legal, accounting, tax or any other professional advice.
Disclaimer: The foregoing is intended to provide general information and may not be suitable in specific instances. The glossary information is not intended to be exhaustive, but rather to illustrate typical considerations. The material is provided with the understanding that it is not legal, accounting, tax or any other professional advice.
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