Profit and Loss Statement

 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?