Financial Statements

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Every business needs a set of financial statements or financial reports for its operations. Existing equity investors use financial statements to monitor their investments and to evaluate the performance of management. Prospective equity investors use them to decide whether or not to invest. If you are applying for a bank loan, the bank would require you to provide them with a set of financial statements to evaluate whether the company has a strong enough financial performance for them to approve your loan. As a manager, you will need to look at the company’s financial statements to assess your performance. Suppliers of products and services may request to see your financial statements to provide surety that sales made on credit terms will be paid to them. Also, Canada Revenue Agency requires a set of financial statements each year for taxing, regulating, and/or investigating the company.