Financial Statements Overview

Financial Statements Overview

Assessment

Flashcard

Business

12th Grade

Hard

Created by

Jane Jlea

FREE Resource

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4 questions

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1.

FLASHCARD QUESTION

Front

What are the principal financial statements of a corporation?

Back

The balance sheet, income statement, statement of stockholders’ equity, and statement of cash flows.

2.

FLASHCARD QUESTION

Front

What is the purpose of the notes that accompany financial statements?

Back

To help evaluate the financial condition, profitability, and cash flows of an entity.

3.

FLASHCARD QUESTION

Front

Which financial statement is considered the most basic?

Back

The balance sheet.

4.

FLASHCARD QUESTION

Front

What do the other financial statements explain?

Back

The changes between two balance sheet dates.

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