BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Statement of Cash Flows
|
|
|
Income Statement
|
|
|
Balance Sheet
|
|
|
Budget
|
Detailed explanation-1: -Budgeted financial statements contain the expected financial results, financial position, and cash flows of a business. These budgeted financials include an income statement, balance sheet, and statement of cash flows. These statements are compiled from the annual budgeting model of a business.
Detailed explanation-2: -Income statement The financial statement prepared first is your income statement. As you know by now, the income statement breaks down all of your company’s revenues and expenses.
Detailed explanation-3: -The sales budget provides this information, serving as the budgeting cornerstone. The same thought process applies to all the other departments, including marketing, purchasing and customer service. Because the sales budget often reflects cash collections, companies also prepare the sales budget before the cash budget.