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JEWISH COMMUNITY FOUNDATION OF MONTREAL FINANCIAL STATEMENTS MARCH 31, 2020JEWISH COMMUNITY FOUNDATION OF MONTREAL FINANCIAL STATEMENTS MARCH 31, 2020Page Independent Auditors Report13Statement of
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Financial statements are formal records of the financial activities and position of a business, person, or other entity. They typically include a balance sheet, income statement, cash flow statement, and statement of changes in equity.
Companies, organizations, and entities are generally required by law to file financial statements, including publicly traded companies, private companies, non-profit organizations, and governmental agencies.
Financial statements are typically prepared by accountants or financial professionals who have a thorough understanding of accounting principles and regulations. They gather data from various sources within the organization and use it to create the financial statements.
The purpose of financial statements is to provide relevant and reliable information about the financial performance and position of a company or entity. This information is used by investors, lenders, regulators, and other stakeholders to make informed decisions.
Financial statements must include information about the company's assets, liabilities, equity, income, expenses, and cash flows. They must also comply with accounting standards and regulations.
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