While there are many types of financial statements, the big three are: Balance sheet, which lists a business’ assets/revenues, liabilities/obligations, and owners’ equity at a specific point in time. Income statement, which summarizes results from business operations—revenues, expenses, and profits or losses during a specific period. The cash flow statement complements the balance sheet and income statement. Categorized into operating, investing, and financing activities, it captures how funds are employed—literally, how the cash flows—throughout the business.