Financial statements include the balance sheet, income statement, statement of changes in net worth and statement of cash flow. The first step in developing a financial management system is the ...

Income statement: Provides information on revenues, expenses, and net income. Balance sheet: Shows the company’s assets, ...

Subtracting liabilities from assets shows the net worth of the business ... Accounts receivable is the income derived from credit accounts. For the balance sheet, it's the total amount of income ...