Financial statements are optional accounting reports issued periodically by a firm which present information on the past performance of the firm, a summary of the firm's assets and the financing of those assets, and a prediction of the firm's future performance.

Question

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Financial statements are mandatory for public companies and provide information on past performance and the current financial position of the firm, but they do not predict future performance.

Financial Statements Are Optional Accounting Reports Issued Periodically by a Firm