Исправке

How can the text below be improved and corrected? Thank you.

• Describe the three products of accounting and bookkeeping procedures that are most useful in personal financial planning?

• There are three products of accounting and bookkeeping procedures that are most useful in personal financial planning: 1- Income statement is a summary of all income and all expenses for a particular period of time.

• In personal finance, income is wages earned and interest on investment gotten.

• While expenses are made payments for consumed products and utilized services of daily living, such as rent, utilities, food, and clothes.

• Using records in an income statement we can analyze which of our expenses consumes more of our income than others and which expenses have more effect on our budget.

• 2-Cash flow statement is a statement that shows how much cash came in and where it came from, and how much cash went out and where it went over a period of time.

• It is used to show our net income and liquidity of our finances.

• The 3-Balance sheet is made of debts, assets, and net worth.