1. The three main reports that are part of financial accounting include the balance sheet, the income statement, and the statement of cash flows ("Financial Accounting"). The balance sheet shows how the business owner's assets and liability balance out. Essentially, the balance sheet tells him whether he is in the red or in the black financially. Once he has completed a balance sheet, he will have a record of his cash, the amount of money he owes for goods and services, and the amount of money that is due him.
The income statement tells the owner how much profit he has made and how much he has lost within a certain period of time, so it is also referred to as a profit and loss st
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