Understanding basic financial statements
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Course description
Learn about three basic financial statements: profit and loss, balance sheet, and cash flow. This lesson shows you what they are and why they are important for your business.
KEY TAKEAWAYS
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The profit and loss statement shows your total money in and out, helping you see if you are making a profit or incurring a loss.
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The balance sheet shows what you own and owe, giving you a clear picture of your business’s financial health.
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The cash flow statement tracks where your money is coming from and going, helping you manage your cash better.
Resources
Understanding basic financial statements Transcript
🔒 Step 8 - Accounting > Understanding basic financial statements