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MOUNTAIN VIEWGOTEBO INDEPENDENT SCHOOL DISTRICT NO. 3 KIOWA COUNTY, OKLAHOMA JUNE 30, 2016, TABLE OF CONTENTS Page SCHOOL DISTRICT OFFICIALS INDEPENDENT AUDITOR\'S REPORT1COMBINED FINANCIAL STATEMENTS Combined
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Gather all necessary financial information such as income, expenses, assets and liabilities.
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Use a financial statement template or software to organize the information into the appropriate sections.
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Financial statements are formal records of the financial activities and position of a business, person, or entity. They provide a summary of the financial performance over a specific time period and include the income statement, balance sheet, and cash flow statement.
Generally, publicly traded companies and certain private companies are required to file financial statements. This obligation may also extend to nonprofit organizations and other entities based on jurisdictional laws and regulations.
Filling out financial statements involves compiling financial data according to established accounting principles. This includes documenting revenue, expenses, assets, and liabilities, following the correct formats for income statements, balance sheets, and cash flow statements.
The purpose of financial statements is to provide stakeholders, such as investors, creditors, and management, with a clear view of the financial health and performance of an entity, enabling informed decision-making.
Financial statements must report comprehensive information, including revenue, expenses, net income, assets, liabilities, equity, and cash flows. Specific disclosures may also be required depending on the applicable accounting standards.
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