29} Set out the main purpose of each of the three main nancial reports; the statement of comprehensive the statement of nancial position and the statement of cash ows. and briejiI explain how each achieves purpose. Statement of comprehensive income: 1} Also known as prot and loss statement 2} The earnings and protability: of a business 3} Statement shows changes in wealth during the period and reports either positive or negative change [i.e. prot vs. loss} 4} Add all of revenue and minus all expenses Statement of nancial position: 1} Show the total value of wealth at some date ie.g. at the end of the respective period] such as assets. liabilities and owner's equity. 2] CE = A - L 3] A = L + OE Statement of cash ow: 1i The sources and uses of cash during the period 2i Show opening balance for cash at the beginning of the period 3} Show movements of cash during the period 4] Show closing balance for cash at the end of the period