BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Balance Sheet
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Income Statement
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Statement of Cash Flows
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Detailed explanation-1: -Overview: The balance sheet-also called the Statement of Financial Position-serves as a snapshot, providing the most comprehensive picture of an organization’s financial situation. It reports on an organization’s assets (what is owned) and liabilities (what is owed).
Detailed explanation-2: -Balance Sheet. The balance sheet provides an overview of a company’s assets, liabilities, and shareholders’ equity as a snapshot in time.
Detailed explanation-3: -A balance sheet is a financial statement that reports a company’s assets, liabilities, and shareholder equity. The balance sheet is one of the three core financial statements that are used to evaluate a business. It provides a snapshot of a company’s finances (what it owns and owes) as of the date of publication.