What is the purpose of the income statement

Reference no: EM13776860

In 600-750 words, respond to the following: Managers within the firm, as well as the firm's owners and lenders, keep track of the firm's performance by reviewing its financial statements - income statement, balance sheet, and statement of cash flows. • What is the purpose of the income statement? Identify the major types of expenses that are shown on the typical income statement. • What is the purpose of the balance sheet? Identify the major types of assets and the claims of creditors and owners shown on the typical balance sheet. • What are the three different accounts that comprise the owners' equity section on a typical corporate balance sheet? • What is a statement of cash flows? Describe the three standard sections contained in a statement of cash flows. Follow APA format, including a title page, introduction, conclusion, citations, and two references.

Reference no: EM13776860

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