1 page discussion:
After the trial balance is prepared, the business owner can prepare the financial statements. List and discuss the purpose of each financial statement, the order in which the financial statements are prepared, and the information included in each financial statement .
In addition, consider the fact that many people feel that financial statements should be expanded beyond the traditional components (income statement, statement of owner’s equity, statement of cash flows and balance sheet). Should financial statements be expanded to include a company’s ecological and social performance?