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Simple English definitions for legal terms
financials
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A quick definition of financials:
Financials: A word that means financial statements. These are documents that show how much money a company has, how much it owes, and how much it is making. It's like a report card for a business's finances.
A more thorough explanation:
Definition: Financials is a slang term used to refer to financial statements.
Example: The company's financials showed a significant increase in revenue over the past year.
Explanation: In this example, "financials" is used to refer to the financial statements of the company, which would include the income statement, balance sheet, and cash flow statement. These statements provide a snapshot of the company's financial performance and are used by investors, analysts, and other stakeholders to evaluate the company's financial health.
Example: The CEO asked the CFO to prepare the financials for the upcoming board meeting.
Explanation: In this example, "financials" is again used to refer to the financial statements of the company. The CEO is asking the CFO to prepare these statements for the board meeting so that the board members can review the company's financial performance and make informed decisions about the future of the company.