What are the different types of financial statements?
An example of an AI chatbot conversation about financial statement types.
What are the different types of financial statements?
There are three main types of financial statements: the balance sheet, income statement, and cash flow statement.
Can you explain what each of these statements shows?
Sure! The balance sheet shows a company's assets, liabilities, and equity at a specific point in time. The income statement details revenues and expenses over a period, showing profit or loss. The cash flow statement tracks the flow of cash in and out of the business.
Why are these financial statements important?
They are crucial for assessing a company's financial health, making informed investment decisions, and ensuring compliance with regulations.
How often should these statements be prepared?
Typically, companies prepare these statements quarterly and annually, but some may do so monthly for internal management.
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