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The accounting treatment for the discovery of a material error in a previous years' financial statements are restated.
Define financial statement.
Financial statements are written records that outline a company's operations as well as its financial success. Government organizations, accounting firms, and other entities frequently audit financial statements to assure their accuracy and for reasons related to taxes, financing, or investment. Financial statements are official records of a company, an individual, or another entity's financial transactions and standing.
The health and success of a company's finances are shown by its financial statements. The cash flow statement, balance sheet, and income statement are the three fundamental financial statements. Financial statements offer a quick glance into the state of a company's finances and include information on its operations, profitability, and cash flow. Financial statements are crucial since they reveal details about a company's earnings, costs, profitability, and debt.
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