Describe the function of each of the four required financial statementsThe four required financial statements include: statement of financial position or balance sheet, statement of operations, statement of change in indebtedness net and the cash flow statement. • Primarily, the function of the financial statement or balance sheet is to provide an account of the resources controlled by an organization and how they are financed. It provides a snapshot or time stamp of an organization's value and the organization's cash flow results. • Secondly, the function of the operating statement is to cover the financial transactions of an organization over a period of time (monthly, quarterly, semi-annually, annually). • Third, the net debt statement function describes the changes in an organization's net worth during the reporting period. In other words, it shows how much an organization has increased or decreased its equity or net worth