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Explain the Three Basic Financial Reports That a Business Uses

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Essay

Explain the three basic financial reports that a business uses in building a financial statement: the balance sheet,the income statement,and the statement of cash flows.What information is contained in each,what is their value to the small business owner,and how are they used to build financial statements?


Definitions:

Relatives

Family members or individuals related by blood, marriage, or adoption who share a significant connection.

Lithium Carbonate

A chemical compound used as a mood stabilizer in the treatment of bipolar disorder and other psychiatric conditions.

Nausea

A feeling of sickness with an inclination to vomit.

Antiemetic

is a type of medication used to prevent or treat nausea and vomiting caused by various conditions, including chemotherapy and motion sickness.

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