Financial statements

______is a financial statement that reports a business's assets, liabilities, and capital on a specific date.

• Balance Sheet
• Income Statement
• Statement of Cash Flows
• None of the Above

_______are anything of value owned, such as cash and buildings.

• Liabilities
• Assets
• Income Statement
• None of the Above

____are claims against assets, (debts)

• capital
• assets
• liabilities
• none of the above

______is a financial statement that reports information about a company's revenues and expenses for a specific period.

• Income Statement
• Balance Sheet
• Statement of Cash Flows
• None of the Above

________is the movement of cash into and out of a business.

• Cash Flow
• Balance Sheet
• Income Statement
• Tim Hall for President

a written report which describes the financial health of a company

• income statement
• financial statement
• Owner's Equity
• statement of change

You are presented a financial statement and from it you can tell what the business owed looking at a financial statement. By studying the information on the statement, you can tell what the business owns and what it owes as of a certain date. You are looking at:

• Income Statement
• Assets
• Revenues
• Balance Sheet

______is a financial statement that reports a business's assets, liabilities, and capital on a specific date.

• Balance Sheet
• Income Statement
• Statement of Cash Flows
• None of the Above

What is the purpose of preparing the Statement of Financial Performance?

• inform stakeholders the profitability of business

• inform stakeholders the income and expenses of business

• inform stakeholders the nature of business

• inform stakeholders the size of business

A balance sheet shows:

• how much gross profit it has

• how much net profit it has

• how much a business owns and owes