Based on your experience of the home you grew up in or the home you have made, which of the concepts of financial statement do you think arise in a personal setting, i.e., how much time is spent determining and discussing the concepts? Comment briefly on your answers. Income statement: how much money(value) have I made in a given time period? Statement of retained earnings: of the money made since I started, how much has been kept versus being paid out? Balance sheet: how much do I have at a given point in time, and where did they money come from to acquire this? Statement of cash flow: what did I do with my cash