The information in a firm’s financial statement comes from the

Question

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Answer 1

The information in a firm’s financial statement comes from the firm's accounting records and transactions. These financial statements typically include the balance sheet, income statement, cash flow statement, and statement of changes in equity. These statements are prepared based on the data collected from various financial activities of the business, adhering to generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS). The information is aggregated and summarized to provide insights into the firm's financial position, performance, and cash flows over a specific period.