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/ Ontario&Ministry of Municipal Affairs and HousingFinancial Statement Auditor\'s Report Candidate Form 4 Municipal Elections Act, 1996 (Section 88.25)Instructions All candidates must complete Boxes
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A financial statement is a formal record of the financial activities and position of a business, organization, or individual. It provides an overview of the financial performance over a specific period.
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Businesses, corporations, and certain individuals, especially those involved in significant financial activities or needing to report their financial status to tax authorities or investors, are required to file financial statements.
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The purpose of a financial statement is to provide a clear and accurate summary of the financial performance and position of an entity, aiding stakeholders in making informed decisions.
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A financial statement must report information such as revenues, expenses, assets, liabilities, and equity, along with notes providing additional context and disclosures.
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