What four general-purpose financial statements do business enterprises use?
1) Income Statement - measures the difference between the asset increases and the asset decreases that were associated with operating a business during a particular accounting period.
(2) Statement of Changes in Stockholders' Equity - explains the effects of transactions on stockholders' equity during the accounting period.
(3) Balance Sheet - lists the assets and the corresponding claims against the entity as of a particular date.
(4) Statement of Cash Flows - explains how a company obtained and used cash during the accounting period.