What would be the consequences if we did not have financial statements?

Explanation:

Common financial statements that companies use include a Balance sheet help them know their financial position at a particular point in time, an Income statement to determine the profitability of the business and Statement of cashflows to determine how cash comes in and goes out with regards to investing, operating and financing activities. If companies did not use these, there will be extreme problem of fraud as there would be no accountability. Not having these statements would lead to high levels of inaccurate disorganized records.

answer; /// the use of a bank credit card to make purchase;