Sales are the lifeblood of any business, and it is essential to understand the official definition in financial statements. According to the Financial Accounting Standards Board, sales in financial statements refer to the total revenue or turnover generated by selling products or services. This includes all forms of revenue, from online platforms to physical stores. Sales figures help businesses measure their performance and overall growth over time, which makes them a crucial part of running a successful business. With these figures, companies can base their decisions on more accurate information about their current situation and plan for the future.