Can you please explain what primary financial statements are, and how are they connected but also different? How do the primary financial statements work together for an organization?© BrainMass Inc. brainmass.com October 1, 2020, 5:00 pm ad1c9bdddf
The primary financial statements are the balance sheet, the income statement, the statement of retained earnings, and the cash flow statement. They are indeed all connected, yet portray information slightly different. A balance sheet displays information at a specific date in time. For example, when an auditor reviews an organization, he looks at what sort of assets the company has ...
This solution discusses how primary financial statements are both similar and dissimilar.