BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Income Statement
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Balance Sheet
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Statement of Owner’s Equity
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Statement of Cash Flows
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Detailed explanation-1: -The month-end close process includes reviewing the company’s balance sheet, intercompany trades, journal entries, and other documents (like bank statements, income, and expenses) and reconciling them. Month-end close is a systematic process of maintaining a record of the business’s financial activities.
Detailed explanation-2: -Off-balance sheet (OBS) assets are assets that don’t appear on the balance sheet. OBS assets can be used to shelter financial statements from asset ownership and related debt. Common OBS assets include accounts receivable, leaseback agreements, and operating leases.
Detailed explanation-3: -Answer and Explanation: The correct option is (c) balance sheet. The balance sheet shows the balances of accounts at a particular date and not for a period of time.
Detailed explanation-4: -If a company has a fiscal year-end that is the same as the calendar year-end, it means that the fiscal year ends on Dec. 31.