The ‘Financial Statement’ covers profit & loss statement and balance sheet.

For a business enterprise, financial statements are relevant financial information presented in a structured manner and in a format that is easy to understand. They typically include three basic financial statements:

1. Statement of financial position: also referred to as a balance sheet, reports on a company's assets, liabilities, and equity at any given point in time.

2. Statement of comprehensive income: also referred to as profit and loss statement (P&L), it is a report on an institution's income, expenses, and profits over a period of time.

3. Statement of cash flows: reports on a company's cash flow activities, particularly operating investing, and financing activities.

Financial statements are tools that provide consistency between businesses, no matter what services they provide.