Financial statements are prepared in the following order - income statement, statement of owner's equity, balance sheet, statement of cash flows
For setting up the fiscal reports, the arrangement is displayed beneath:
1. Income statement: It records costs and incomes for a specific timeframe
2. Explanation of investors' equity: It records the net gain, profit, and extra capital, if any and figures out the completion equilibrium of held income and investor value
3. Balance sheet: It revealed resources and liabilities that mirrors the monetary position and execution of the organization
4. Cash flow statement: It reports inflow and surge of money through working, money management and supporting exercises
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