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Introductory Accounting by Lisa A. Bucki, Gail Perry, David H. Ringstrom

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CHAPTER14

The Big Three Financial Statements

In This Chapter

  • A look at your P&L, balance sheet, and statement of cash flows
  • Reviewing the big three to check your business health
  • Correcting errors

As noted in Chapter 1, accounting can be thought of as a means of keeping score within your business. Therefore, financial reports can be thought of as the scorecards for different periods of time.

The financial reports discussed in this chapter—the P&L (or income statement), balance sheet, and statement of cash flows—consolidate transaction information from a variety of accounts in your accounting software. Most programs are already set up to generate ...

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