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WWW.twice.financial STATEMENTS FLANAGAN COLLEGE STUDENTS\' UNION August 31, 2023Limited Liability PartnershipINDEPENDENT AUDITOR\'S Report the Members of The Flanagan College Students\' Union Opinion We
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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 and financial position over a specific period.
In the UK, limited companies, certain partnerships, and other businesses that are required by law to prepare accounts must file financial statements.
Financial statements should be filled out by compiling the necessary financial data, including income, expenses, assets, and liabilities. It typically involves using accounting software or templates that comply with UK accounting standards.
The purpose of financial statements is to provide stakeholders with information about the financial health and performance of a business, facilitating informed decision-making regarding investments, loans, and management.
Financial statements must report information such as the company's income, expenses, profits, assets, liabilities, and equity, including notes and supplementary information explaining the figures.
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