Provide a Description of the Contents of Each of the Following

question 74

Essay

Provide a description of the contents of each of the following components of the annual report.
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$$\begin{array} { | l | l | } \hline \text { Annual Report Component } & \text { Description of the contents } \\\hline \text { Financial statements } & \\& \\\hline \text { Report of independent } \\\text { registered public accounting } \\\text { firm }\\\hline\end{array}$$

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Definitions:

Interim Statements

Financial reports covering a period of less than a full fiscal year, typically quarterly, intended to provide an update on an organization's financial position.

Financial Position

A summary of the resources, obligations, and worth of an entity at a specific point in time, usually reflected in a balance sheet.

Year-End Financial Statements

Reports prepared at the end of an accounting period, summarizing the financial status and operating results of a business.

Management

involves the activities of setting the strategy of an organization and coordinating the efforts of its employees or volunteers to achieve its objectives.