There are three main components that are generated by the records, of which the financial statement is made-up: The income statement, which delivers information about the profit and loss of company The balance sheet, which provides a clear picture on the financial position of company as on a specific date. The cash flow statement, which is a bridge between the income statement and balance sheet and provides information about the cash inflow and outflow during a certain phase of time. It is extremely important to keep your financial records solid and up-to-date if you wish to retain your company's financial position robust. (10 marks) You are required to: Explain the reasons why Accounting is important for your business, regardless if it is small or large