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What are the three key financial statement? Explain their purpose and type of information provided by...

What are the three key financial statement? Explain their purpose and type of information provided by each.

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Answer #1

Following are the three key Financial Statements:-

1. Balance Sheet:- Balance Sheet shows the value assets and liabilities and shareholders' equity of an entity on a particular date(i.e. year end/ reporting date)

2. Income Statement: Income Statement shows the revenues, incomes, expenses and losses made by an entity during whole reporting period(normaly during whole financial year).

It basically shows the net profit/losse for a particular period.

3. Cash Flow Statement: It shows the cash receipts and cash payment during a particular period.

It shows cash inflows and outflows under three different headings lilke:- cash flow from operating activities, cash flow from investing activity and cash flow from financing activity.

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