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Differentiate the function.
Financial Statement
A record that details the financial activities and conditions of a business or individual, commonly including the balance sheet, income statement, and cash flow statement.
Financial Statement
Formal records of the financial activities and position of a business, individual, or other entity, typically including the income statement, balance sheet, and statement of cash flows.
Normal Balance
The side (debit or credit) where increases are recorded for a particular type of account, reflecting the account's normal balance position in the accounting equation.
Financial Statement
Papers that present a summary of a company's financial status, covering the balance sheet, income statement, and statement of cash flows.
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