The three important financial statements prepared by accountants are:
a. cash budget, capital budget, and master budget.
b. revenue summary, expense summary, and consolidation statement
c. balance sheet, income statement, and statement of cash flows.
d. ledger, journal, and trial balance.

The correct asnwer is C. balance sheet, income statement, and statement of cash flows.

Explanation:

Public officials know that if bank loans freeze, the result could be bad for the economy, which can lead to a global financial crisis and a reduction in corporate balance sheets. When business commentators talk about a balance sheet that is contracted, they refer to an organization that has fewer assets than debts, a mark of insolvency and mediocre financial management. In addition to assets and debts, a statement of financial position, the other name for a balance sheet, shows assets as varied as additional paid capital, common stock and accumulated profits.

If you go deeper into a financial dictionary, you will see that the phrases such as "P&L", "income statement", "profit and loss statement" and "income report" are identical. This summary of data is key in financial management, as it shows the amount of money a business has made during a given period, how much it spends and the net result at the end of the period. The time frame of the reports can be a month, a quarter or a fiscal year, although an intermediate period is not unusual.

Cash is the economic fuel that sustains modern business and financial management helps high-level business leaders turn their strategic vision into a reality of operational solvency. Simply put, cash flow management, the money that goes out and goes into the coffers of the company, engages with financial management, because an organization must understand its monetary movements to make money, increase sales, expand market share and exist within it. A statement of cash flow is related to three types of activities: operation, investment and financing.

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