What are the three key financial statements?

A. Income statement, statement of owner's equity, and balance sheet
B. Balance sheet, statement of owner's equity, and statement of retained earnings
C. Income statement, statement of owner's equity, and statement of retained earnings
D. Income statement, profit and loss statement, and balance sheet

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-06-23T12:41:11-04:00

The three key financial statements are the Balance Sheet, Income Statement, and Cash Flow Statement.

Balance Sheet: Presents the organization's assets, liabilities, and net assets at a particular point in time.

Income Statement: Presents the organization's revenues, expenses, and changes in net assets throughout a particular time period.

Cash Flow Statement: Shows how the organization receives and uses cash to carry out its mission.

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