What are the 3 basic financial statements? What categories are on each?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What are the 3 basic financial statements? What categories are on each?
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Step 1
Financial statements: Financial statements are condensed summary of transactions communicated in the form of reports for the purpose of decision making.
The three basic financial statements are as follows:
- Income statement
- Balance sheet
- Statement of cash flow
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