Marcela Kane is a dedicated tax professional with over fifteen years of experience who has to work with various financial documents on a regular basis.Business Financial Statements come in three forms. These forms are the statement of cash flows, the income statement, and the balance sheet. These financial statements play a big part in accounting.

1. Marcela Kane: Three Different Types of
Financial Statements
Marcela Kane is a dedicated tax
professional with over fifteen years
of experience who has to work
with various financial documents
on a regular basis.Business
Financial Statements come in three
forms. These forms are the
statement of cash flows, the
income statement, and the balance
sheet. These financial statements
play a big part in accounting.

2. Statement of Cash Flows
The Statement of Cash Flows is
very important to businesses. In
many cases, the Statement of
Cash Flows shows how profitable
the business really is. The
statement gives business owners
an opportunity to analyze their
results, typically at the end of the
year, and focus their energy on
where they can improve their
company in order to gain a larger
profit.

3. Income Statement
The income statement presents a summary of
the profit-making activities of an organization
over a certain period of time. This document
typically documents six different components
of information: Sales revenue, cost of goods
sold expense, selling, general, and
administrative expenses, interest expense,
income tax expense, and net income.
An income statement is important because it
breaks down the numbers on paper rather than
presenting one number that doesn’t really
answer any questions or provide any
information about where it came from.

4. The Balance Sheet
The Balance Sheet typically has two different
sections of information on it. One lists assets
and another one lists liabilities. The sections
of balance sheets are known as accounts.

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