Explain the Three Basic Financial Reports That a Small Business

question 109

Essay

Explain the three basic financial reports that a small business uses in building a financial plan: the balance sheet, the income statement, and the statement of cash flows. What information is contained in each, and of what value is it to the small business owner?

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Definitions:

Asthma

A chronic lung disease that inflames and narrows the airways, causing difficulty in breathing, wheezing, and coughing.

Physical Fitness

The state of being physically healthy and strong, achieved through regular exercise and a balanced diet.

HIV Cases

Instances or diagnosed situations of the human immunodeficiency virus, which attacks the immune system.

United States

A federal republic consisting of fifty states, a federal district, and several territories, located primarily in North America.