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The financial accounts are of prime importance for the organizations as they give indication about the company's state of financial position. Financial accounts usually have four types which include balance sheet, income statement, statement of cash flows and changes in stock holder's equity. Balance sheet gives indication about what company owes in current point of time. For example balance sheet of 31st December will show the assets, liabilities and stockholder's equity at that particular time. Balance sheet shows the company's composition of assets, short term assets (current assets), long term assets (non-current assets), plant, property & equipment, investments etc. The statement of cash flows gives the final figure of cash at the end which becomes part of balance sheet as cash & cash equivalents. Income statement gives the profit figure at the end with classification of revenues and expenses.
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