Financial Statement - Washington, D.C.

Financial Statement is a legal document that was released by the District of Columbia Courts - a government authority operating within Washington, D.C..

FAQ

Q: What is a financial statement?
A: A financial statement is a document that provides information about the financial condition, performance, and cash flows of an organization.

Q: Why is a financial statement important?
A: A financial statement is important because it helps individuals and organizations understand their financial position, make informed decisions, and evaluate the financial health of an entity.

Q: Who prepares a financial statement?
A: A financial statement is typically prepared by accountants or financial professionals.

Q: What is included in a financial statement?
A: A financial statement typically includes a balance sheet, income statement, cash flow statement, and statement of changes in equity.

Q: What is a balance sheet?
A: A balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

Q: What is an income statement?
A: An income statement is a financial statement that shows a company's revenues, expenses, and net income or loss over a specific period of time.

Q: What is a cash flow statement?
A: A cash flow statement is a financial statement that shows the inflows and outflows of cash in a company over a specific period of time.

Q: What is a statement of changes in equity?
A: A statement of changes in equity shows the changes in shareholders' equity over a specific period of time, including contributions, distributions, and changes due to net income or loss.

Q: Are financial statements the same as tax returns?
A: No, financial statements and tax returns are not the same. Financial statements provide a broader view of an entity's financial position, while tax returns focus on the tax obligations and liabilities of an entity.

Q: How often are financial statements prepared?
A: Financial statements are typically prepared annually, but they can also be prepared quarterly or monthly for internal or external reporting purposes.