Type of basic financial statements consist of

April 16, 2024 by rawan239

and net income for a specific period of time. A statement of retained earnings is a financial statement that reports a company’s retained earnings, which is the cumulative net income that has been retained by the company since its inception. A statement of cash flows is a financial statement that reports a company’s cash flows from operating activities, investing activities, and financing activities for a specific period of time.

These four financial statements are the most basic financial statements that a company can prepare. They provide a comprehensive overview of a company’s financial position and performance.