3 Questions
What is a financial statement?
A written record of a business' financial situation
Which financial statement shows a company's assets and liabilities?
Balance sheet
What does the left side of a balance sheet show?
The company's assets
Study Notes
Introduction to Financial Statements
- A financial statement is a formal record of a company's financial activities and position.
Balance Sheet
- The balance sheet is a financial statement that shows a company's assets and liabilities.
- The left side of a balance sheet shows a company's liabilities.
- The right side of a balance sheet shows a company's assets.
Test your knowledge on financial statements with our quiz! Learn about the four main financial statements used to assess a business' financial position, including the balance sheet, income statement, statement of cash flows, and statement of changes in equity. Strengthen your understanding of financial reporting and analysis by answering questions on key concepts and terms. Don't miss this opportunity to improve your financial literacy!
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