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What advantage do you see in compiling financial data into standardized statements like the Income Statement, Statement of Cash Flows, and the Balance Sheet? Why

What advantage do you see in compiling financial data into standardized statements like the Income Statement, Statement of Cash Flows, and the Balance Sheet?

Why is it helpful to analyze risk in comparison to all of the other potential rewards? Why is it also helpful, to analyze risk in comparison to all other possible choices including the "risk of doing nothing"?

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