The process of combining accounting data into a standardized set of financials is part of the process of creating financial statements. Management, lenders, creditors, and investors get the finished financial statements and use them to assess a company's performance, liquidity, and cash flows.
Retained earnings refers to the net profit of a company after it makes its dividend and other shareholder payments—earnings which are, therefore, "retained" by the company.
Financial statements are summary-level documents that provide details about a company's financial position at a given point in time. Typically a balance sheet, cash-flow statement, and income or profit and loss statement are included.
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