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OAK LAWN PARK DISTRICT INTERNAL CONTROL DOCUMENT Financial Statement and Accounting Process Descriptions and Internal Control DocumentationFINANCIAL STATEMENT AND ACCOUNTING PROCESS DESCRIPTIONS AND

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What is financial statement and accounting?

Financial statement is a formal record of the financial activities of a business or organization. Accounting involves the process of recording, analyzing, and reporting financial transactions.

Who is required to file financial statement and accounting?

Businesses, organizations, and individuals who engage in financial transactions are required to file financial statements and maintain accounting records.

How to fill out financial statement and accounting?

Financial statements are typically filled out by accountants or financial professionals using standardized forms such as balance sheets, income statements, and cash flow statements.

What is the purpose of financial statement and accounting?

The purpose of financial statements and accounting is to provide stakeholders with information about the financial performance and position of a business or organization.

What information must be reported on financial statement and accounting?

Financial statements typically include information about assets, liabilities, equity, income, expenses, and cash flows.

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