It is important for non-financial managers to be able to identify financial statements and understand their purpose. For your initial response, you will need to discuss the following:
· Name the four basic financial statements.
· Balance Sheet
· The Statement of Revenue and expense
· The Statement of Fund Balance or Net Worth
· The Statement of Cash Flows
· Choose one of the four and evaluate its purpose for the organization, including its role in the budgeting process.
· Explain what type of information can be derived from each statement.
· Describe the major purpose of financial statements.
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