BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Statement of changes in equity
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Statement of Cash Flow
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Statement of Financial position
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Statement of performance
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Detailed explanation-1: -An income statement is one of the three major financial statements, along with the balance sheet and the cash flow statement, that report a company’s financial performance over a specific accounting period. The income statement focuses on the revenue, expenses, gains, and losses of a company during a particular period.
Detailed explanation-2: -An income statement is a financial statement that shows you the company’s income and expenditures. It also shows whether a company is making profit or loss for a given period. The income statement, along with balance sheet and cash flow statement, helps you understand the financial health of your business.
Detailed explanation-3: -It is used to measure firm’s overall financial health over a given period of time and can also be used to compare similar firms across the same industry or to compare industries or sectors in aggregation. Financial statements provide a formal record of a business’ financial activities and position.
Detailed explanation-4: -Most companies report such items as revenues, gains, expenses, and losses on their income statements.