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US E ALTE RNWESTMORELAND MUSEUM OF AMERICAN ART Greensburg, Pennsylvania Financial Statements For the years ended June 30, 2023 and 2022DRAFT10/12/ 23F ORINand Independent Auditors Report ThereonUS

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What is financial statements - years?

Financial statements are formal records that summarize the financial activities of a business or individual over a specified period, usually including the balance sheet, income statement, and cash flow statement for specific years.

Who is required to file financial statements - years?

Generally, corporations, public companies, and certain nonprofit organizations are required to file financial statements annually, whereas smaller businesses may only need to file if they meet specific criteria or regulatory requirements.

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To fill out financial statements, one should gather all relevant financial data, follow standardized formats and accounting principles, input accurate figures for assets, liabilities, equity, revenues, and expenses, and ensure that the statements are reconciled and reviewed for accuracy.

What is the purpose of financial statements - years?

The purpose of financial statements is to provide stakeholders, including management, investors, and regulators, with a clear and accurate picture of the financial health, performance, and cash flow of an entity over a specified period.

What information must be reported on financial statements - years?

Financial statements must report key information such as assets, liabilities, equity, revenue, expenses, net income or loss, and cash flows, along with footnotes that explain accounting policies and any pertinent details.

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