Final answer:
Financial statements are prepared not just by businesses, but also by utility companies, schools, governments, and individuals.
Step-by-step explanation:
Financial statements are not only prepared by businesses but also by various other entities.
Utility companies such as electric, water, and gas companies need to prepare financial statements to track their revenues, expenses, and investments.
Schools and universities also prepare financial statements to monitor their budgets and analyze their financial performance.
Additionally, governments at the local, state, and national levels are required to prepare financial statements to provide transparency and accountability on public funds.
Individual people may also need to prepare financial statements for personal finance management, budgeting, or applying for loans.