accounting

What are the Key Financial Statements?

Key financial statements include:
Balance Sheet: Provides a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity.
Income Statement: Shows the company's financial performance over a period, detailing revenues and expenses to reveal net profit or loss.
Cash Flow Statement: Illustrates the inflows and outflows of cash, highlighting the company's liquidity and solvency.
Statement of Changes in Equity: Displays changes in the owner's equity over an accounting period.

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