Problem
I. Critically evaluate the different types of financial statements, the accounts that comprise them, and in turn explain in your own words the importance of each of these financial statements.
II. Look for an example of the three main financial statements, (Statement of position, Statement of income and expenses and Statement of cash flows).
III. Explain the classes of accounts that make up each of these financial statements and define their purpose. What is the significance of each of these financial statements?