BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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STATEMENT OF FINANCIAL POSITION
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STATEMENT OF CHANGES EQUITY
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BOARD OF DIRECTORS REPORT
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NOTES TO FINANCIAL STATEMENTS
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Detailed explanation-1: -Director’s Report is not a part of financial statements as per IAS 1.
Detailed explanation-2: -Hence cash budget would not be included in financial statements.
Detailed explanation-3: -Financial statements shall include: a balance sheet reflecting the financial standing as per the date of the financial statements; a profit and loss statement describing formation of the operating result; a cash flow statement, describing the acquisition and disposal of funds during the accounting period.
Detailed explanation-4: -The elements of the financial statements will be assets, liabilities, net assets/equity, revenues and expenses.
Detailed explanation-5: -For-profit businesses use four primary types of financial statement: the balance sheet, the income statement, the statement of cash flow, and the statement of retained earnings.