Question

What are the three interrelated reports required by law for all publically traded companies that act as vital management tools for all companies, big and small?

Answer 1

The answer is income statement, balance sheet, and statement of cash flows. The income statement defines how the assets and liabilities were used in the specified accounting period. The cash flow statement clarifies cash inflows and outflows, and it will eventually disclose the amount of cash the corporation has on hand, which is also stated in the balance sheet.