Financial Statements A Set of Financial Statements Includes Three Related Accounting Reports,or

question 7

Essay

Financial statements
A set of financial statements includes three related accounting reports,or statements.In the space provided,list the names of three primary statements,and give a brief description of the accounting information contained in each.

---

Definitions:

Unit Contribution Margin

The difference between the selling price per unit and the variable cost per unit of a product.

Break-even Point

The level of production or sales at which total revenues equal total expenses, and the business makes neither a profit nor a loss.

Unit Contribution Margin

The difference between the selling price per unit and the variable cost per unit, indicating how much each unit sold contributes to covering fixed costs and generating profit.

Break-even Point

The point at which total costs and total revenue are equal, meaning that there is no net loss or gain, and the business is not making a profit.