How are the annual revenues and expenses estimated?

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A: Money: - anything that can be accepted as an exchange for goods and services is known as money.

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Q: What are some common examples of expenses?

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Financial Statements

Financial statements (or financial reports) are the formal records of the financial activities that are undertaken by a firm. They are convenient instruments used for analyzing a company’s financial position and performance. Financial ratios are created with the help of the numerical values that are derived from the financial statements. They give meaningful information about the financial performance of the company.