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(10) Financial Statements Give a basic explanation what each of the financial statements does and why it...

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Finance

(10) Financial Statements

Give a basic explanation what each of the financial statementsdoes and why it is important. Then pick one statement to go intodetail about and share why you picked that statement.

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There are three most important Financial statements prepared globally which helps to understand the financial situation of any organization These are Statement of Profit and Loss or PL StatementBalance Sheet and Cash flow statement Broadly PL statement shows theProfitability of the organization It Summarizes the revenues costs and expenses incurred during a specific period of time Accrual concept is generally followed to record financial    See Answer
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(10) Financial StatementsGive a basic explanation what each of the financial statementsdoes and why it is important. Then pick one statement to go intodetail about and share why you picked that statement.

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