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    Personal financial statements

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    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.

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    I would prepare following statements:

    The Balance Sheet: It will tell about the assets and liabilities of the person.
    The Income Statement: It discloses the net income of the person.
    The Statement of Cash Flow: It tells about the cash inflows and outflows that occurred over a period of time.

    Three ...

    Solution Summary

    This explaining the decisions relating to financial statements