Which of the three basic accounting statements do you feel would the most important in your day-to-day operations?

Assignment Details

There are three basic accounting statements, as follows:

Profit and Loss Statement
Balance sheet
Statement of cash flows
Each statement provides valuable data for users of financial information.

Imagine that you are operating the small business that you opened in the previous unit.

Which of the three basic accounting statements do you feel would the most important in your day-to-day operations?
Why do you feel this accounting statement is the most important?
Read through your peers’ posts, and when you respond to them, consider the following:

List some additional advantages and disadvantages to the accounting statement your peer selected.
Discuss why you agree or disagree with the rationale that your peers gave for their selected accounting statement