Reports

There are three standard reports that are created through the accounting process:
 

  • The income statement, which describes the profits or losses, expenses, and gross proceeds over a given period of time. 

 

  • The balance sheet, basically shows the firm’s assets (what they own) and their liabilities (what they owe) at a specific point in time.

 

  • The statement of cash flow is an analysis of the flow of cash in and out of the firm.