![]() This in turn has provided the opportunity to discuss and illustrate statement articulation. ![]() Revenue and expense transactions have been included so that we might introduce the income statement and statement of cash flows at an elementary level. A continuing illustration examines the impact of a number of simple t ransactions upon the bal ance sheet of a simple service business. The equation serves as the basis for elementary transaction analysis. ![]() The presentation is organized around the accounting equation. In this chapter, we take up the task of introducing the balance sheet, income statement, and the statement of cash flows. Chapter 1 set forth the objectives of the financial reporting process, and offered the observation that these objectives are met in large part by a set of financi al statements. Chapter 2 covers the income st atement, balance sheet, and statement of cas h flows. ![]() Financial statements are the primary means of communicating financial information to users. ![]()
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