Question

discuss the three primary financial statements and their purposes

In a simple way so I can understand it and thank you

Answer 1

Answer:

They are: (1) balance sheets.

(2) income statements.

(3) cash flow statements.

and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time. Income statements show how much money a company made and spent over a period of time.