A friend of yours, Timorous ('Tim' for short) Ghostly, who has never taken an Accounting subject, has been assigned a short speech in his public speaking class. In this speech, Tim must describe the financial statements of a business. Tim has come to you for help (with his teacher's permission). He says, 'Please describe what financial statements are, what the major financial statements are and what each financial statement includes.' Prepare a written response to Tim's request.