All of the following are financial statements used by business entities to report the financial position...
All of the following are financial statements used by business entities to report the financial position of the entity?
Homework Answers
Answer-:
To report the financial position of the entity, following financial statements are used by business entity-:
- Income statement
- Balance sheet (or statement of financial position)
- Cash flow statement
- Statement of changes in owner's equity.
Income statement shows how much money earned, spent and gain in a period of time.
Balance sheet shows what are the assets and liabilities of an entity at a specific date.
Cash flow statement shows the inflows and outflows of cash from entity to outside.
Statement of owner's equity shows changes in the interests of owner's over time.
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