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Return To Home Based Business FAQ Archive   Search the Archives What are financial statement and a balance sheet? Answered By Aidon "Hughie" Bilbao, Editor A financial statement is a written report that quantitatively shows the financial health of a company. It is usually compiled on a quarterly and annual basis. There are three statements that are included in a financial statement. 1. Balance sheet 2. Income statement which is also called the Statement of Earnings, Revenue and Expense Statement, or Profit and Loss shows the sales, expenses, and profit of the business 3. Statement of cash flow that shows variation in cash production and financial positions. Balance sheets are documents that show the business' assets and liabilities. It helps small entrepreneurs get the grip of the financial strengths and capabilities of his business. It can also identify and evaluate trends, particularly in receivables and payables. Balance sheets are divided into three major sections: (1) assets, (2) liabilities, and (3) capitalization or net worth, which is defined as the difference of assets and liabilities. keywords: Home Based Business | Home Business | Small Business | Entrepreneur | Financial Statement | Balance Sheet

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