Financial Statement Gr6

It is a comprehensive report on a company's activities throughout the preceding year.

• Annual report
• Business overview
• Financial statement
• Quarterly report

The balance sheet represents a detailed image of the company’s financial status when published. It includes the company’s assets, __________ , and shareholders’ equity which gives a clear idea on its book value.

• cash flow
• liabilities
• revenue
• expenses

Money owed to the company by customers, not including bad debts that will probably never be paid.

• creditors

• money

• equity

• debtors

The net income (REPORT) __________ on a corporation's income statement is part of the retained earnings reported on the balance sheet. As a result, the income statement is a link between the balance sheet at the beginning of the accounting period and the balance sheet at the end of the accounting period.

• reported

• reporting

• report

• reports

Losses such as the loss from the sale of long-term assets, or the loss on lawsuits result from a (TRANSACT) __________ that is outside of a business's primary activities. A loss is reported as the net of two amounts: the amount listed for the item on the company's books (book value) minus the proceeds received from the sale. A loss occurs when the proceeds are less than the book value.

• transacting

• transacts

• transaction

• transacted

Financial statements helps __________ to evaluate the company’s performance and compare it with other companies that have the same business.

• investors and analysts
• employees and management
• government regulators
• customers and suppliers

The amount a company owes to suppliers for goods and services purchased with credit.

• Accounts Receivable
• Inventory
• Cash on Hand
• Accounts Payable

The Income Statement is a direct result of the information that is recorded in the journals and ledgers, and then transformed into concise, compiled revenue and

expense figures. It is usually prepared (DIRECT) __________ from the monthly "closing of the books" and provides an accurate picture of the revenue and expense of the business for a specified period of time; usually a month, quarter or year.

• directed

• directly

• directive

• directing

__________ is another name of income statement.

• Equity Statement
• Profit and Loss Statement
• Cash Flow Statement
• Balance Sheet

A Financial report stating the total assets, liabilities, and owners' equity of an organization at a specific moment in time

• Balance Sheet
• Income Statement
• Cash Flow Statement
• Statement of Changes in Equity