Name the four main financial statements that a business would use.

Choose one of the four financial statements and explain the following in your own words:

What are the important aspects of the statement you have choosen?

How does one complete the statement?

What does each part of the statement show?

How does this financial statement work with the other statements?

What internal users and external users may find this statement useful? How? Why?

You will want to make sure you include good detail as if you are instructing another student on how to complete the financial statement you have chosen. Be sure to define any accounting terms you may use (i.e. Asset, Liabilities, Revenues, Expenses, ect.) Make sure to put your responses in your own words to demonstrate you understanding.