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Questions and Answers
What is the main purpose of financial statements?
What is the main purpose of financial statements?
- To provide information about the financial performance and position of a company (correct)
- To outline the company's organizational structure
- To advertise the company's products and services
- To showcase the company's philanthropic activities
Which financial statement shows the revenues and expenses over a period of time?
Which financial statement shows the revenues and expenses over a period of time?
- Statement of retained earnings
- Cash flow statement
- Income statement (correct)
- Balance sheet
What is the purpose of a balance sheet?
What is the purpose of a balance sheet?
- To provide a snapshot of a company's financial position at a specific point in time (correct)
- To detail the company's sales and marketing activities
- To showcase the company's employee satisfaction level
- To track the cash inflows and outflows of a company
