(Answered) Describe the basic information that is contained in each of

Economics

Describe the basic information that is contained in each of the following financial statement:

Income Statement
Balance Sheet
Statement of Cash Flows

Describe why you think the standard accounting practice focuses on historical cost rather than market value when preparing a balance sheet. Explain why accounting income differ from cash flow. Identify the difference between market value and book value.

Needs to be 150 plus word plus in text- ciations with page numbers.

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