Word of the Week:
Financial Statements

Definition:  Financial statements are formal reports that a company puts together on its business performance. The main financial statements businesses produce are the balance sheet, income statement, and statement of cash flows. Investors, regulators, and others may use financial statements when deciding whether to invest, when scrutinizing a company for potential wrongdoing, or for other reasons.

Key Takeaway:  Public companies generally have to produce more financial statements than private companies, and unlike private companies, they have to make their statements available to the general public.

Fun Fact: Accountants are in charge of counting ballots for the Oscars (and it was their fault when La La Land was mistakenly announced as the Best Picture winner).