After recording the Business transaction the formation of financial statements is the next step in the process of turning this data into useful information.
Business is referred to as economic activity used to do with the aims of achieving common goals with maximization of profit. The day-to-day buying and selling of goods and services recorded as transactions in the business.
The economic transactions and financial organizational performance are summarized in the income statements, which are written documents. To ensure consistency and for taxation, banking, or investment purposes, financial statements are regularly reviewed by government entities, accountants, corporations, etc.
The data is turned into information in financial statements as it helps in analyzing the firm’s financial performance by evaluating the performance of the management and the activities done.
Therefore, financial statements are the answer.
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