What are the financial statements? How far are they useful for decision-making purposes? 

Financial statements are reports that provide information about the financial performance and position of a company. These statements are prepared at the end of the accounting period and are used by stakeholders to assess the financial health of the company. The main financial statements are the income statement, balance sheet, and cash flow statement.

The income statement, also known as the profit and loss statement, reports a company's revenues and expenses over a specific period. The statement shows the net profit or loss for the period by deducting expenses from revenue. The income statement is useful for decision-making purposes because it shows the company's profitability and the sources of revenue and expenses. Investors and creditors use the income statement to assess the company's ability to generate profits and manage its expenses.

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