What does basic financial statements mean?

basic financial statements meaning in Law Dictionary

report made the way the GAAP dictates it must be. It's accustomed evaluate operations. This is often a balance sheet, income statement, or cashflow declaration.

basic financial statements meaning in Business Dictionary

Accounting reports put together in conformity using the arrangements of GAAP, and necessary for the reasonable analysis of operations of an entity. For organizations, the total amount sheet, earnings declaration (profit-and-loss account), as well as the cash-flow statement form the pair of standard financial statements.