BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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assets
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owner’s equity
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payroll
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liabilities
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Detailed explanation-1: -The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a company’s financial strength and provide a quick picture of a company’s financial health and underlying value.
Detailed explanation-2: -You may recognize the first three elements-assets, liabilities, and equity-as those that portray the financial position of an enterprise.
Detailed explanation-3: -The main elements of a statement of financial position are assets, liabilities and equity.
Detailed explanation-4: -The elements of the financial statements are the assets, liabilities, revenue, gain, losses, etc. The balance sheet is a financial statement not an element of the financial statement.