Formal documents representing a business' transactions and financial standing. The main documents are:
- Statement of Financial Position (Balance Sheet) - a snapshot of a business' financial condition
- Income Statement (Profit & Loss Statement) - a presentation of the income and expense items within a specific period resulting in the final profit or "bottom line"
- Statement of Cash Flows - a presentation of a business' cash inflows and outflows. The two financial statements above are used together to work out the cash flow within operating, investing and financing activities.