Companies most frequently provide (1) the balance sheet, (2) the income statement, (3) the statement of cash flows, and (4) the statement of owners or stockholders equity. Financial reporting other than financial statements may take various forms. Examples include the presidents letter and supplementary schedules in the corporate annual report, prospectuses, reports filed with government agencies, news releases, managements forecasts, and descriptions of a companys social or environmental impact. Therefore; identify the major financial statements and discuss about the basic elements of financial statements with the help of suitable examples