Accounting: Three Major Reports


Balance SheetCreated as a way for accountants
______ to check their math. Each side of the sheet
______ must equal the other side or there is a math
___ ___error.

Income Statement: Illustrates the financial status
______ of an organization at a given point in time.
______This report can be deceptive if Accounts
______Receivable (Money Owed to you) is counted as
______Income.

Cash Flow StatementReports the difference
______between cash flowing in and cash flowing
______ out.
_________________________________________________