The following describes Financial Statements, except: * 1 point It is an art of recording, classifying, summarizing and interpreting of accounting transaction. A collection of summary-level reports about an organization's financial results which consists of four major financial reports. Financial information which is communicated by an enterprise to external parties Historical in nature but it all depends on management's judgement The objective of financial statement is to * 1 point know the financial status of the organization, whether the business is making profit or running at loss, and what corrective action to be taken. form a Private Finance Initiative (PFI) establishment use accounting techniques such as marginal costing budgetary controls and standard costing. finance hire purchase. A set of financial statement includes * 1 point Transaction Statement of Profit or Loss (SOPL), Statement of Financial Position (SOFP), Statement of Cash Flow (CF), Statement of Changes in Equity (SOCIE), trial balance, transaction, source documents, journals, ledger, adjustments, financial statements Journals, ledger, adjustments, trial balance, Statement of Profit or Loss (SOPL), Statement of Financial Position (SOFP), Statement of Cash Flow (CF), Statement of Changes in Equity (SOCIE) Statement of Profit or Loss (SOPL), Statement of Financial Position (SOFP) Statement of Profit or Loss (SOPL), Statement of Financial Position (SOFP), Statement of Cash Flow (CF), Statement of Changes in Equity (SOCIE) Normally interest in financial stability and long-term viability 1 point is basically to consider staying or leaving the organization for a better career growth and opportunity.* employees' partners' owners' regulators