Financial statement
A summary of income, spending, assets, liabilities and sometimes cash flow, used to understand what can realistically be paid.
Related terms
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Balance sheet
A snapshot of a business’s assets, liabilities and equity at a particular date. It helps show the financial position, not just cash in the bank.
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Profit and loss account
A financial statement showing income, costs and profit or loss over a period.
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Assets
Things of value owned by a person or business, such as cash, property, vehicles, equipment, investments or money owed by customers.
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