Answer :
Final answer:
Financial statements are prepared in the order of income statement, statement of owner's equity, and balance sheet.
Explanation:
Financial statements are prepared in the following order:
- Income statement: Presents the organization's revenues, expenses, and changes in net assets throughout a particular time period.
- Statement of owner's equity: Shows the changes in the owner's equity during a specific time frame.
- Balance sheet: Presents the organization's assets, liabilities, and net assets at a particular point in time.
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