Financial Statements contain important information that will help business owners perform micro and macro management of their business. Analysis of the financial data shown in the financial reports is crucial in taking immediate action to solve problems that could have detrimental impact on the business.
There are 3 main Financial Statements namely:
- Income Statement – It shows the results of the operations for a given period.
- Balance Sheet – It shows the financial position of the business in a given date.
- Cash Flow – It shows the sources and uses of cash from operating, investing, and financing activities.
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