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    Develop Personal Financial Statements

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    For this module only, please use your own personal financial situation. Assume that you developed a complete set of personal financial statements for you. Identify three decisions that you will make in the next year in which such financial statements would be useful and describe how you would use those financial statements in those decision.

    Use information from the modular background readings as well as any other reliable resources you use. Please cite all sources and provide a reference list at the end of your paper.

    The following item will be evaluated in particular:

    1. Your ability to create three financial statements of your own
    2. Explain your financial situation based on your financial statements

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    Solution Preview

    1. Your ability to create three financial statements of your own

    Financial statements represent final accounts of the entity. It includes Income statement, Balance sheet and cash flow statement. The income statement, probably the most used statement by the public, outlines the total revenue and the total costs, to give the reader of the statement an accurate picture of how the person utilizes the money.

    Income statement indicates the financial performance during a particular period. Information provided by the income statement comprises ...

    Solution Summary

    The expert develops personal financial statements.