Statement

[ˈsteɪtmənt]

What is the definition of Statement?

A detailed summary provided to customers, outlining the transactions that occurred over a specific period, typically a month.

Using Statement in an Example

In accounting, a financial statement is a formal record of the financial activities and position of a business, person, or other entity, which may include a balance sheet, income statement, and cash flow statement, each reflecting different aspects of the financial health of the entity.

Using Statement in a sentence

Please review the bank statement carefully to ensure all transactions are accounted for and report any discrepancies immediately.

Related Terms

Surviving Spouse

A person whose spouse has died within the tax year and who may file a joint tax return for that year. Additionally, the surviving spouse can file joint returns for the next two years if they remain unmarried and maintain a household as the principal residence for a dependent child.

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Swap

A financial contract in which two parties agree to exchange streams of payments over a specified period, based on different indices such as interest rates, foreign exchange rates, or equity indices, applied to a notional amount. Swaps typically do not involve the exchange of principal.

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