FINANCIAL STATEMENT Definition

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FINANCIAL STATEMENT is a written report which quantitatively describes the financial health of a company. This includes an income statement and a balance sheet, and often also includes a cash flow statement. Financial statements are usually compiled on a quarterly and annual basis.

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VERIFIABILITY is where the fact is capable of being tested (verified or falsified) by experiment or observation.

TARIFF, usually, a countrys tax on imports. May sometimes refer to the rate of tax; and, is used interchangeably with the term 'duty'.

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