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A '''financial statement''' (or '''financial report''') is a record of the financial activities of a business or other entity.

A '''financial statement''' (or '''financial report''') is a record of the financial activities of a business or other entity.

In the private sector (including non-profit/not-for-profit entities) there are four basic financial statements:  the '''balance sheet'''<ref>[https://www.accountingcoach.com/terms/B/balance-sheet Balance sheet definition]</ref>, the '''income statement'''<ref>[https://www.accountingcoach.com/terms/I/income-statement Income statement definition]</ref>, the '''statement of retained earnings'''<ref>[https://www.accountingcoach.com/terms/S/statement-of-retained-earnings Statement of retained earnings definition]</ref>, and the '''statement of cash flows'''<ref>[https://www.accountingcoach.com/terms/S/statement-of-cash-flows Statement of cash flows definition]</ref> (in some entities different terms may be used).  Of the four, only the balance sheet represents activities '''''at a single point in time''''' (usually as of the end of the entity's [[fiscal year]]) whereas the other statements represent activities '''''during a period of time''''' (usually an entire fiscal year).

In the private sector (including non-profit/not-for-profit entities) there are four basic financial statements:  the '''balance sheet''',<ref>[https://www.accountingcoach.com/terms/B/balance-sheet Balance sheet definition]</ref> the '''income statement''',<ref>[https://www.accountingcoach.com/terms/I/income-statement Income statement definition]</ref> the '''statement of retained earnings''',<ref>[https://www.accountingcoach.com/terms/S/statement-of-retained-earnings Statement of retained earnings definition]</ref> and the '''statement of cash flows'''<ref>[https://www.accountingcoach.com/terms/S/statement-of-cash-flows Statement of cash flows definition]</ref> (in some entities different terms may be used).  Of the four, only the balance sheet represents activities '''''at a single point in time''''' (usually as of the end of the entity's [[fiscal year]]) whereas the other statements represent activities '''''during a period of time''''' (usually an entire fiscal year).

The statements (including the format) may be specified by law or regulation.  Larger companies will also include extensive footnotes (some of which are required by law or regulation) as well as a management discussion and analysis of their contents.

The statements (including the format) may be specified by law or regulation.  Larger companies will also include extensive footnotes (some of which are required by law or regulation) as well as a management discussion and analysis of their contents.