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TABLE OF CONTENTS Financial Information Act Statement of Financial Information Library Name: Fiscal Year Ended:Northwest Library Federation Dec 31, 2019Documents are in the following order: 1) Table
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Financial statements are formal records of the financial activities and position of a business, person, or other entity. They are required to provide an overview of the financial performance and financial position of the entity.
Businesses, corporations, non-profit organizations, and other entities are required to file financial statements.
Financial statements are typically prepared by accountants or financial professionals using the financial information of the entity. They should follow generally accepted accounting principles (GAAP).
The purpose of financial statements is to provide information about the financial performance, financial position, and cash flows of an entity. They help stakeholders make informed decisions about the entity.
Financial statements typically include a balance sheet, income statement, cash flow statement, and notes to the financial statements. The information reported includes assets, liabilities, revenues, expenses, and cash flows.
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