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Financial Statements Q&A

Discover the importance of financial statements for business owners and how they provide insights into profitability and financial health. Learn about income statements, balance sheets, and cash flow statements, their key information, and the accounting equation. Find out if sales of $37,000 last year indicate good performance.

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Financial Statements Q&A

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  1. Financial Statements Q&A

  2. Name a type of Financial Statement?

  3. If you owned your own business, what would financial statements tell you & how could they help you?

  4. Income Statement • What is another name for an income statement? • What does an income statement tell you? • What types of information are on an income statement? • How will you know if a business is profitable over a period of time?

  5. Balance Sheet • What is a balance sheet? • What does a balance sheet tell you? • What types of information are on a balance sheet?

  6. Cash Flow • What is a cash flow statement? • What does a cash flow statement tell you? • What types of information are on a cash flow statement? • You can’t pay your expenses with sales. You can only pay them with cash.6

  7. What is the accounting equation?

  8. If you ran your own business and had sales of $37,000 last year – is that good?

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