Discussion about the four main financial statements and their relationship to each other
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What are the four main financial statements required under GAAP? What does each one tell you? Which financial statement do you believe is more important? Why? How are the financial statements related? Why do these relationships exist? What is the impact of a miscalculation in the income statement on other financial statements?
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The solution discusses The four main financial statements required under GAPP (Generally Accepted Accounting Principles statements)
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The four main financial statements required under GAPP (Generally Accepted Accounting Principles statements) are
The Balance Sheet - This advises management on the companies financial position such as what its assets, liabilites and equities are.
The Income statement - This statement is also known as ...
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