Four Basic Financial Statements
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What are the four basic financial statements? What do the different financial statements tell you about a company? Which financial statement is the most useful? Why? What types of information is provided to managers in your department and how do managers in your organization use information presented in financial statements?
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Four basic financial statements are examined.
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Dear student,
What are the four basic financial statements? What do the different financial statements tell you about a company? Which financial statement is the most useful? Why? What types of information is provided to managers in your department and how do managers in your organization use information presented in financial statements?
Financial statements consist of profit and loss account, Balance sheet, statement of retained earnings and the cash flow statement.
1. Income statement shows the financial results of the company for the particular financial year. It shows the profit or loss of the company for the particular financial period. It shows the operational efficiency of the company.
2. Balance sheet shows the ...
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