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FINANCIAL STATEMENTS REGULATORY BASIS AND REPORTS OF INDEPENDENT AUDITOR GUY MON INDEPENDENT SCHOOL DISTRICT NO. 8, TEXAS COUNTY, OKLAHOMAN 30, 2023Audited by BLED SOE, HEWITT & FULLERTON CERTIFIED

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What is financial statements?

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 and financial position of an organization.

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Generally, public companies, certain private companies, and non-profit organizations are required to file financial statements. Regulations may vary by jurisdiction and the size of the organization.

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To fill out financial statements, an organization must gather relevant financial data for the accounting period, organize the data according to the standard format, and ensure that all transactions are accurately recorded. This may include income statements, balance sheets, and cash flow statements.

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The purpose of financial statements is to provide stakeholders, including investors, creditors, and management, with an accurate overview of the financial health and performance of an organization, facilitating informed decision-making.

What information must be reported on financial statements?

Financial statements must report key information such as revenue, expenses, profits, assets, liabilities, and equity. Additional disclosures may be required depending on regulatory standards.

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