BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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assets
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common stock
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retained earnings
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liabilities
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Detailed explanation-1: -External users of financial information may include the following: owners, creditors, potential investors, labor unions, governmental agencies, suppliers, customers, trade associations, and the general public.
Detailed explanation-2: -They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. They stand as one of the more essential components of business information, and as the principal method of communicating financial information about an entity to outside parties.
Detailed explanation-3: -Answer and Explanation: Any information provided in the financial statements is the responsibility of the management of a company. The CEO and CFO are the primary management.
Detailed explanation-4: -The financial statements are the most important part of the annual report that allows current and future investors, shareholders, employees and other business stakeholders to determine how well the company has performed in past, its ability to pay off its debts and its plans for growth.