BUISENESS MANAGEMENT
MERCHANDISING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Whole of table of comprehensive income and financial position have same step in calculate the profit for the period. Thus, income statement is part of statement of financial position. …
Detailed explanation-2: -What are Financial Statements? Financial statements are a collection of summary-level reports about an organization’s financial results, financial position, and cash flows. They include the income statement, balance sheet, and statement of cash flows.
Detailed explanation-3: -Overview: The balance sheet-also called the Statement of Financial Position-serves as a snapshot, providing the most comprehensive picture of an organization’s financial situation. It reports on an organization’s assets (what is owned) and liabilities (what is owed).
Detailed explanation-4: -The answer is True. Financial Statements consists of Statement of Financial Positions ("Balance Sheet"), Statements of Comprehensive Income ("Income Statement"), Statement of Cash Flows, Statement of Stockholders Equity and Notes to Financial Statements. These reports are all part of Financial Reports.