What are the Functions of Financial Statements?

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Financial reports are reports that present financial data/information of a business or company during a certain period. There are several types of financial statements that we are familiar with, such as income statement, balance sheet, cash flow, retained earnings, etc. This financial statement will be very useful for business owners, investors, banks and tax offices, employees, etc. So what are the functions of financial statements?
 
It can also be used as a line of defense. In a situation where you are accused of accepting bribes of certain amount and the likes, you can easily defend yourself with your bank statement.
 
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