A written report of the financial condition of a firm. Financial statements include the balance sheet, income statement, statement of changes in net worth and statement of cash flow. The first ...

Also referred to as a profit and loss statement. By combining these elements, the income statement illustrates just how much income your company makes or loses during the year by subtracting cost ...

As a small business owner, understanding key accounting terms is vital for managing your finances effectively and making informed decisions. Whether you handle your own bookkeeping or work with an ...