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Asked Aug 17, 2019
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What are the three financial statements?

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Expert Answer

Step 1

Financial statements show the financial performance and position of a firm at a certain point of time and the decision makers use them to get the information about the financials of a firm. Companies present in the financial markets submit the financial statements to the regulator of the respective markets.

Step 2

There are basically three types of financial statements. They are:
i)Income Statement
ii)Balance Sheet
iii)Cash flow Statement

Step 3

Income statement: The income statement gives an information on the financial performance of a company at a point of time. It consists of details on the revenue that a firm generates. From revenue, the expenses, depreciation and amort...

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