MANAGEMENT

Detailed explanation-1: -organized summaries of a business’s financial activities are called accounting records.

Detailed explanation-2: -An accounting system is a planned process for providing financial information that will be useful to management. Organized summaries of a business financial activity are called accounting records.

Detailed explanation-3: -The balance sheet summarizes the financial position of a company at a specific point in time. The income statement provides an overview of the financial performance of the company over a given period. It includes assets, liabilities and shareholder’s equity, further categorized to provide accurate information.

Detailed explanation-4: -The balance sheet, sometimes called the statement of financial position, lists the company’s assets, liabilities, and stockholders’ equity (including dollar amounts) as of a specific moment in time.

Detailed explanation-5: -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.