{"id":7614,"date":"2020-02-08T00:00:00","date_gmt":"2020-02-08T00:00:00","guid":{"rendered":""},"modified":"2025-04-15T08:46:26","modified_gmt":"2025-04-15T08:46:26","slug":"financial-statements-elements-and-financial-statement-analysis","status":"publish","type":"post","link":"https:\/\/www.ukessays.com\/essays\/accounting\/financial-statements-elements-and-financial-statement-analysis.php","title":{"rendered":"Financial Statements Elements and Financial Statement Analysis"},"content":{"rendered":"

\n\t\t\t\tIntroduction<\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tFinancial Statements are Ceremonial records of the Financial act and position of business, person, or any institution. The good and positive Financial Statements reflects how successful is business or company. Market can be on favour of the company if business have a communitive and powerful financial statement.<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tOn this project Segment A consist of detail information of financial analysis, calculation of income and earnings are made on Segment B and judgement of Balance sheet of the given companies are performed in Segment C.<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t <\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t                                       <\/em><\/strong>Segment A<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tSegment A consist of financial ratios of the year 2018 and 2019 for the company Big Bang pty Ltd. Following ratios have been mentioned in this segment;<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t                                                 <\/em><\/strong>Current Ratio<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t  <\/em><\/strong>Current ratio is a liquidity ratio that measures company\u2019s capacity to pay short term liquidity (will Kenton 2019). The current Ratio of the company was 2.74 and 2.08 in the year 2018 and 2019 respectively.<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t                                        <\/em><\/strong>Quick Ratio<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tQuick ratio measures financial ratio of the company. Quick ratio tells us that that company can clear its current liabilities with its current assets.<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tYear 2018 had 0.89 and year 2019 had 0.84 Quick ratio.<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t                   <\/em><\/strong>Accounts Receivable Turnover Ratio<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tThis specify company\u2019s debt collection planning. It shows that in the year 2018 7.10 times and 51.41 days and year 2019 shows 9.69 times and 37.67 days.<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tInventory Turnover Ratio<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tIt indicates company\u2019s ability to sell its Products (Harold Averkamp 2019).<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t1.79 times and 204.4 days was in the year 2018 and 2.07 times and 176.21 days in 2019.<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t <\/em><\/strong>\n\t\t\t<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\t\t\t\t\t\t\tFor the year of 2018<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\tCurrent Ratio<\/strong>\n\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\tCurrent assets \/ Current Liabilities\n\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\t(Cash + Accounts Receivables + Inventory) \/ Current Liabilities\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n

\n\t\t\t\t\t\t\t(12000+60000+150000)\/81000\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t2.74<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\tQuick Ratio<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\t(Cash + Accounts Receivables) \/ Current liabilities\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t(12000+60000)\/81000\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t0.89<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\tAverage accounts receivable\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\t(Accounts receivable at the beginning +\n\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\tAccounts receivable at the end) \/ 2\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t(78000+60000)\/2\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t69000\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tAccounts receivable turnover<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\t(Net credit sales \/ Average accounts receivable)\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t(490000\/69000)\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\tTimes<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t7.10<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t(365\/7.10)\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\tDays<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t51.41<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\tAverage inventory\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\t(Inventory at the beginning +\n\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\tInventory at the end) \/ 2\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t(130000+150000)\/2\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t140000\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tInventory turnover<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\t(Cost of goods sold \/ Average inventory)\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t(250000\/140000)\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tTimes<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t1.79<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tDays<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\t(Average inventory \/ Cost of goods sold) * 365\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t(140000\/250000) *365\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t204.4<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\t\t\t\t <\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t                                 <\/em><\/strong>Table 02: Ratio analysis for the year 2019<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t                                        <\/em><\/strong>(Source: self-made)<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tShort-term Solvency Ratio attempt to calculate the ability of a company to meet its short-term financial liquidity (Mark A. Lane 2019). Company is standing on a Bright side because its significantly lower for the company. In the year 2019 receivable transaction ratio was more for a company then the year 2018. According to the survey company has a higher inventory turnover.<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t <\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tSection B: Income and Revenue Identification<\/em><\/strong>\n\t\t\t<\/p>\n\n\n\n\n\n
\n

\n\t\t\t\t\t\t\tIncome statement <\/strong>\n\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\tfor the year ended on 30 June<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tParticulars<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n

\n\t\t\t\t\t\t\tAmount $<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n

\n\t\t\t\t\t\t\tAmount $<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tSale of\n\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\tSoftware\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n

\n\t\t\t\t\t\t\t25000000\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\tDownload\n\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\tincome\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n

\n\t\t\t\t\t\t\t3000000\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n<\/tr>\n<\/table>\n

\n\t\t\t\t <\/em><\/strong>\n\t\t\t<\/p>\n\n\n\n\n\n\n
\n

\n\t\t\t\t\t\t\tOperating<\/strong>\n\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\tincome<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t28000000<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tInterest\n\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\tincome\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n

\n\t\t\t\t\t\t\t50000\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\tDiscount\n\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\treceived\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n

\n\t\t\t\t\t\t\t2000\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\tOther incomes\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t48000\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tNet income<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t28048000<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\t\t\t\t <\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t                                 <\/em><\/strong>Table 3: Income Statement<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t                                       <\/em><\/strong>(source: self-made)<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tIncome statement is used for reporting company\u2019s financial performances. It is one of the three important financial statement. Operating income is when income is received from sale and download of the software. Received discount will not be called as a income.<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tSection C: Collation of Balance Sheet<\/em><\/strong>\n\t\t\t<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n\t\t\t\t\t\t\tABC Company<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tCurrent ratio<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\t(Current assets \/ Current liabilities)\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n

\n\t\t\t\t\t\t\t0.14<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tTotal debt to total asset ratio<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\t(Total debt \/ Total assets)\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t0.51<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\tXYZ Company<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tCurrent ratio<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\t(Current assets \/ Current liabilities)\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n

\n\t\t\t\t\t\t\t2.17<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n

\n

\n\t\t\t\t\t\t\tTotal debt to total asset ratio<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n<\/tr>\n
\n

\n\t\t\t\t\t\t\t(Total debt \/ Total assets)\n\t\t\t\t\t\t<\/p>\n<\/td>\n

\n\t\t\t\t\t<\/td>\n\n\t\t\t\t\t<\/td>\n\n

\n\t\t\t\t\t\t\t0.16<\/strong>\n\t\t\t\t\t\t<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\t\t\t\t <\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t                                        <\/em><\/strong>Table 04: Loan Acceptances<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\t                                                     <\/em><\/strong>(Source: Self-made)<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tThe loan Application of the XYZ Company will be surely granted because of the Company\u2019s higher current ratio of 2.17 to 0.14 of ABC company. ABC company has the higher financial risk then the ABC company because ABC company has a more debt than the assets. <\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tBy the end of the year 2020 ABC company will have a liability of $52800 where as a XYZ company will have total liability of $12000. Looking from a business perspective view XYZ company will be on the priority to be bought.<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tConclusion<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tTherefore, it proves that the purpose of financial statements is to assist creditors and investors to make a decision. Its main purpose is to give detailed financial information. It helps in a ratio analysis for the investor and creditors.<\/em><\/strong>\n\t\t\t<\/p>\n

\n\t\t\t\tReferences<\/em><\/strong>\n\t\t\t<\/p>\n

    \n
  • \n\t\t\t\t\twill Kenton (2019) ,Harold Averkamp (2019) Mark A. Lane (2019)<\/em>\n\t\t\t\t<\/li>\n
  • \n\t\t\t\t\tClarke, E. (2011). Accounting: an introduction to principles and practice<\/em>. South Melbourne, Vic.: Cengage Learning Australia\n\t\t\t\t<\/li>\n
  • \n\t\t\t\t\tK\u00f6nig, P.J. and Pothier, D., 2016. Too much of a good thing? A theory of short-term debt as a sorting device. Journal of Financial Intermediation<\/em>, 26<\/em>, pp.100-114.\n\t\t\t\t<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    \t\t\t\tIntroduction<\/p>\n

    \t\t\t\tFinancial Statements are Ceremonial records of the Financial act and position of business, person, or any institution. The good and positive Financial Statements reflects ho<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7614","post","type-post","status-publish","format-standard","hentry","category-essaysaccounting"],"yoast_head":"\nFinancial Statements Elements and Financial Statement Analysis | UKEssays.com<\/title>\n<meta name=\"description\" content=\"Introduction Financial Statements are Ceremonial records of the Financial act and position of business, person, or any institution. 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