A financial statement (or financial report) is a formal record of the financial activities of a corporation. A financial statement is often referred to as an account.
In any annual report, at least major four financial statments are given.
Income Statement: A company's income statement is a record of its earnings or losses for a given period
Balance sheet: provides a snapshot of a firm’s financial position at one point in time.
Statement of retained earnings: shows how much of the firm’s earnings were retained, rather than paid out as dividends.
Statement of cash flows : reports the impact of a firm’s activities on cash flows over a given period of time.
This topic also cover the tax calculation for individual and corporate level.
A fee charged ("levied") by a government on a product, income, or activity is called Tax.
If tax is levied directly on personal or corporate income, then it is a direct tax.
If tax is levied on the price of a good or services, then it is called an indirect tax.