Four financial statements are usually prepared for a business. The statement or cash flows is usually prepared test. The statement or owner is equity the balance sheet (B), and the income statement (l) are prepared in a certain order to obtain information needed for the next statement. In what order these three statement prepared? I, OE, B B, I, OE OE, I, B B, OE, I The Financial Accounting Standards Board (FASB) is the authoritative body that has primary responsibility for developing accounting principles. True False The normal balance of a capital account is a debit. True False Which of the following types of accounts have a normal credit balance? assets and liabilities liabilities and expenses revenues and liabilities