Need your help to correct my project about financial documents Financial documents, also known as financial statements, are used for reporting financial information about a business. They are vital tools for analyzing the success of a business.For the beginning I will talk about the importance of elaborating financial statements,their functions and objectifs.in the second part I will talk about three of the most important of the management accounts ; balance sheet,income statement and finallay cash flow statements Whether you are a sole trader, a partnership or a limited company, you have an obligation to produce annual statutory accounts for :determine the ability of a business to generate cash, and the sources and uses of that cash. To determine whether a business has the capability to pay back its debts. To track financial results on a trend line to spot any looming profitability issues. To derive financial ratios from the statements that can indicate the condition of the business.. The objective of management accounts is to provide timely and key financial and statistical information required by managers to make day to day and short-term decisions. Management accounts are an efficient decision making and business planning tool .they will identify trends within your business and serve as an analysis of your company performance. management accounts can plan, evaluate and control financial aspects of your business. Statutory accounts must include: Balance Sheet •a ‘balance sheet “Bilan”’, also referred to as a statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time. which shows the value of everything the company owns, owes and is owed on the last day of the financial year •Income Statement •a ‘profit and loss account’ or An income statement «compte de résultat», which shows the company’s sales, running costs and the profit or loss it has made over the financial year. An income statement depicts the revenue and expenses of a business over a particular period of time, such as a month, financial quarter, or year. It is often referred to as a statement of income. It will tell whether you had a net profit for the period or suffered a net loss. Cash Flow Statement A cash flow statement describes where money received by a business came from and where money leaving the business is going during a specific period of time.