It provides information on the performance of an entity for a specific reporting period.

Question: It provides information on the performance of an entity for a specific reporting period.

A financial statement is a document that summarizes the financial activities and position of a business, organization, or individual. It provides information on the performance of an entity for a specific reporting period, such as a quarter or a year. Financial statements typically include four main components: income statement, balance sheet, statement of cash flows, and statement of changes in equity. These components show the revenues, expenses, assets, liabilities, cash flows, and equity changes of the entity over time.

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