explain financial statements and variance analysis

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Financial statements are reports that provide an overview of a company's financial performance, while variance analysis compares actual results to budgeted or expected results.

Financial statements include balance sheet, income statement, and cash flow statement
Balance sheet shows assets, liabilities, and equity at a specific point in time
Income statement shows revenues, expenses, and profit over a period of time
Cash flow statement shows cash inflows and outflows
Variance analysis compares actual financial results to budgeted or expected results
Variances can be favorable (better than expected) or unfavorable (worse than expected)
Variance analysis helps identify areas of improvement or concern

explain financial statements and variance analysis

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