Financial Statement

A document stating a business’ or individual’s assets and debts.  For a business, the financial statement typically includes at least (1) a balance sheet, stating the business’ assets, liabilities, and ownership equity; and, (2) a profit and loss statement, stating the business’ income, expenses, and profits.  For an individual, the financial statement typically consists of a single form, listing the person’s personal assets, debts, and source(s) of income.  An individual’s financial statement is often required when applying for a personal loan or line of credit.