Difference Between Financial Statements And Financial Roportig?


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Aisha Profile
Aisha answered
Financial Statements refer to the formal record of financial activities of a firm. They include balance sheet, income statement, retained earnings statement and cash flow statements. All these financial statements are a pre-requisite for financial reporting. Thus it can be said that Financial reporting is the whole process of reporting the financial activities of the firm to the external and internal customers and financial reporting is done by making financial statements.
Anonymous Profile
Anonymous answered
Financial statements consist of balance sheet, cash flow statement, profit and loss account, note to the accounts

Financial reporting provides additional information to financial statements

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