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What are the 3 types of financial statements explain in details?

The three main types financial statements are the balance sheet, the income statement, and the cash flow statement. These three statements together show the assets and liabilities of a business, its revenues and costs, as well as its cash flows from operating, investing, and financing activities.

What are the 5 components of financial statements?

Five elements of the financial statement include the balance sheet, income statement, statement of cash flow, statement of changes in equity, and the notes to the financial statements....Five components of financial include followings, Assets. Liability. Equity. Revenue. Expenses.

What is a financial statement form?

A personal financial statement is a snapshot of your personal financial position at a specific point in time. It lists your assets (what you own), your liabilities (what you owe), and your net worth. To get your net worth, subtract liabilities from assets.

What are the 5 financial statements?

The 5 types of financial statements you need to know Income statement. Arguably the most important. ... Cash flow statement. ... Balance sheet. ... Note to Financial Statements. ... Statement of change in equity.

What is the purpose of the 4 financial statements?

The general purpose of the financial statements is to provide information about the results of operations, financial position, and cash flows of an organization.

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