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1. income statements-shows all items of incomes and expenses for your business. it reflects a specific time period.
2. balance sheet- shows the progress of a business right from the time it was started to the time the balance sheet was prepared.Balance Sheets are always dated on the late day of the reporting period.
3. statement of cash flows-shows the ins and outs of cash during the reporting period
financial statements are important to a business owner because;
1.they tell you the performance of your business
2. they help a business owner in management
Please let me know if you need any clarification. I'm always happy to answer your questions.
Dec 13th, 2015
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