Interrelationship Among Financial Statements
Your book this week discussed financial reporting, and the balance sheet. Discuss the interrelationship among the income statement, balance sheet, and statement of cash flow
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Interrelationship among Financial Statements
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Interrelationship among Financial Statements
The three main financial statements in an organization are a balance sheet, an income statement, and a cash flow statement. Businesses communicate their performance to investors, management, and lenders through financial statements. Upon reparation of the financial statement, the information is analyzed through financial ratios that guide decision-making and help identify areas that need changes for the achievement of organizational goals (Nowicki, 2017). The financial statements are distinct in detail but interrelated information that comprehensively defines an organization's performance.
The balance sheet is a statement with the company book value divided into three parts assets liabilities and shareholders’ equity. The balance sheet must comply with the accounting formula
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