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Why are balance sheet, the income statement, the statement of cash flows, and the statement of shareholders' equity important in order to understand the financial condition of the organization?

1. Why are balance sheet, the income statement, the statement of cash flows, and the statement of shareholders' equity important in order to understand the financial condition of the organization?
2. What types of accounts are found in each statement?
3. How are the accounts arranged and grouped?
4. What role does each statement play in the analysis of financial condition?

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Please help with the following questions with examples for understanding. Thanks.
Answer the following questions:

1. Why are balance sheet, the income statement, the statement of cash flows, and the statement of shareholders' equity important in order to understand the financial condition of the organization?

Managers should have a financial understanding of their organization to take the decisions in a prudent manner. Financial understanding will enhance the commercial knowledge and will also get the relevant inputs for taking decision making. Following reports will be central to ...

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