MANAGEMENT

Detailed explanation-1: -The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a company’s financial strength and provide a quick picture of a company’s financial health and underlying value.

Detailed explanation-2: -You may recognize the first three elements-assets, liabilities, and equity-as those that portray the financial position of an enterprise.

Detailed explanation-3: -The three main types financial statements are the balance sheet, the income statement, and the cash flow statement. These three statements together show the assets and liabilities of a business, its revenues and costs, as well as its cash flows from operating, investing, and financing activities.

Detailed explanation-4: -The main elements of a statement of financial position are assets, liabilities and equity.