ABSTRACT
This chapter describes the various formats of the financial statements. Generally speaking, the objective of financial statements is to provide and facilitate information for the decision-making process and assess the accountability of managers. Financial statements are the most effective way to inform insiders and outsiders about the economic performance of a given company on a periodic basis. The chapter familiarises students with the various formats of financial statements, beginning by listing out the components of the financial statements along with their definitions. It also includes multiple exercises that help students try themselves and prepare various formats of financial statements for a set of financial scenarios.
