List the Four Financial Statements and Briefly Explain How Each$$\begin{array} { | l | l | }
\hline \text { Financial statement } & \text { How it is prepared } \
\hline 1 . & \
\hline 2 . & \
\hline 3 . & \
\hline 4.& \
\hline
\end{array}$$

Question

List the Four Financial Statements and Briefly Explain How Each$$\begin{array} { | l | l | } 
\hline \text { Financial statement } & \text { How it is prepared } \
\hline 1 . & \
\hline 2 . & \
\hline 3 . & \
\hline 4.& \
\hline
\end{array}$$

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The Answer is

\begin{array} { | l | l | } \hline ext { Financial statement } & ext { How it is prepared } \\hline ext { 1. Income statement } & \begin{array} { l } ext { Revenues -Expenses = Net Income } \ ext { or Net Loss }\end{array} \\hline ext { 2. Statement of owner's equity } & \begin{array} { l } ext { Owner, Capital, Beginning } \ ext { +Owner contributions } \ ext { +Net income for the period } \ ext { or - Net Loss for the period } \ ext { - Owner withdrawals for the period } \ ext { EOwner, Capital, Ending }\end{array} \\hline ext { 3. Balance sheet } & \begin{array} { l } ext { Assets = Liabilities + Owner's } \ ext { Equity }\end{array} \\hline ext { 4. Statement of cash flows } & \begin{array} { l } ext { Cash flows from operating activities } \ ext { Cash flows from investing activities } \ ext { Cash flows from financing activities }\end{array} \\hline\end{array}

List the Four Financial Statements and Briefly Explain How Each

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List the Four Financial Statements and Briefly Explain How Each

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