List the four financial statements and briefly explain how each is prepared.
Definitions:
Preincorporation Contract
An agreement made by individuals before the formation of a corporation, which the corporation may later adopt or ratify.
Promoter
An individual or organization that helps to initiate and plan significant events, businesses, or movements.
Ratifies
The act of formally confirming or approving a decision or agreement, making it officially valid.
Preincorporation Contract
An agreement entered into on behalf of a corporation before it is legally formed.
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