Discussion Post

Assignment Details

There are three basic accounting statements, as follows:

· Profit and Loss Statement

· Balance sheet

· Statement of cash flows

Each statement provides valuable data for users of financial information.

Imagine that you are operating the small business that you opened in the previous unit.

· Which of the three basic accounting statements do you feel would the most important in your day-to-day operations?

· Why do you feel this accounting statement is the most important?