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This document presents the Financial Statements for the Students’ Union at NUI Galway for the year ended 30 June 2016, detailing their income, expenditure, and overall financial performance.

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What is financial statements?

Financial statements are formal records of the financial activities and position of a business, organization, or individual. They include balance sheets, income statements, and cash flow statements.

Who is required to file financial statements?

Corporations, limited liability companies (LLCs), and in some cases partnerships and sole proprietorships are required to file financial statements, especially if they are publicly traded or meet certain size thresholds.

How to fill out financial statements?

To fill out financial statements, gather all financial data, including assets, liabilities, revenues, and expenses. Use accounting principles to organize the data into the required formats, such as the balance sheet, income statement, and cash flow statement.

What is the purpose of financial statements?

The purpose of financial statements is to provide stakeholders with a clear view of the entity's financial performance and position, which aids in decision-making, investment evaluation, and assessing future profitability.

What information must be reported on financial statements?

Financial statements must report information such as assets, liabilities, equity, revenues, expenses, net income, and cash flows.

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