Introduction to entrepreneurship/IENT103/Statements/Video

Video signpost: Financial Statements Explained

Financial statements are important because they outline the financial activities of a business.

There are three financial statements that every business uses. These are

1. an income statement (sometimes called a profit and loss account)
2. a balance sheet, and
3. a cash flow statement.

This video briefly explains these three statements.

Financial Statements Explained in One Minute (1:18)

On the following pages, we will look at these three statements in more detail.