Income statement, also known as the profit and loss (P&L) or operating statement
Statement of cash flows
The income statement shows you the sales revenue, expense, and net income (or loss) of your company during a specific accounting period, which is usually a fiscal month, quarter, or year.
The balance sheet shows you how much you Own and how much you owe at a particular point in time. This is usually calculated at the end of a fiscal quarter and on the last day of the fiscal year.
The statement of cash flows shows exactly how much cash you actually received and how much cash you spent on a periodic basis. You must watch your cash flow statement carefully because it tells you how much money you have or will have in the bank so that you can pay your bills.