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Which financial statement would you first prepare and why

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Reference no: EM131751919

In a real life accounting work environment, financial statement preparation are prepared at the end of the accounting period. There are four major statements which are the; balance sheet, income statement, statement of retained earnings, and cash flow.

If we decided to prepare three of the four (balance sheet, income statement, & statement of retained earnings), which financial statement would you first prepare and why? When preparing all four financial statements, how do they correlate to each other?

Reference no: EM131751919

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