The Four Financial Statements
THE FOUR FINANCIAL STATEMENTS
1. THE BALANCE SHEET (aka - The Statement of Financial Condition)
2. THE INCOME STATEMENT (aka - The Profit & Loss [P & L] Statement)
3. THE STATEMENT OF RETAINED EARNINGS (aka - The Statement of Net Worth)
4. THE CASH FLOW STATEMENT
The first concept that one must understand is that all businesses must keep records of what goes on in the business for two very distinct and separate purposes. The first set of reports, called the financial statements, is basically a history of what has happened to the company in financial terms for a specified period of time. What I sometimes like to refer to as the financial road maps of corporate information, stress the importance of the types of information that they provide us. While these reports or statements are obviously invaluable to the company's management, they are mainly used by external individuals and organizations, completely apart from the company. Such individuals and organizations might be......
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