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Imagine that you are operating the small business. Which of the three basic accounting statements do you feel would the most important in your day-to-day

Imagine that you are operating the small business.

Which of the three basic accounting statements do you feel would the most important in your day-to-day operations?

  • Profit and Loss Statement
  • Balance sheet
  • Statement of cash flows
  • Why do you feel this accounting statement is the most important?

List some additional advantages and disadvantages to the accounting statements.

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