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Financial statements show how a business operates. It provides insight into how much and how a business generates revenues, what the cost of doing business is, how efficiently it manages its cash, and what its assets and liabilities are.
For-profit businesses use four primary types of financial statement: the balance sheet, the income statement, the statement of cash flow, and the statement of retained earnings.
They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders equity. Balance sheets show what a company owns and what it owes at a fixed point in time. Income statements show how much money a company made and spent over a period of time.
The cover letter introduces a companys financial statements and is written by the businesss accountants. It describes how involved the accountants were in the preparation of the statementswhether the statements are audited, accountant-reviewed or notice-to-reader.
Financial statements are historical. They show you how your business has been operating in areas such as profitability, cash flow, assets and liabilities.
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People also ask

Another way of looking at the question is which two statements provide the most information? In that case, the best selection is the income statement and balance sheet, since the statement of cash flows can be constructed from these two documents.
The elements of the financial statements will be assets, liabilities, net assets/equity, revenues and expenses.
The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a companys financial strength and provide a quick picture of a companys financial health and underlying value.

cover sheet for financial statement