Define report.

Ans: Report is the written statement of facts, idea, and opinion, prepared by a group of person, committee, or commission after a long research on a particular issue.It is one of the procedure of office through which concerned authority can make the right decision on the basis of information contained in the report. It is also known as historical statement.

What are the types of report? Explain any four of them.

1. Government report: It provides public welfare services by launching big projects and programs. It needs to inform public its all plans, policies, activities, progress and achievements. For this all government prepare a report is called government report. Thus, government report is an analytical written statement, which informs about all government activities related to expenditure and incomes along with progress and achievement.

2. Audit report: Every organization whether it is government,...

Define financial statements.

Financial statements are the summary reports of a company's financial transactions to a particular period.