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Questions and Answers
What is a financial statement?
What is a financial statement?
- A list of a company's assets and liabilities
- A written record of a business' financial situation (correct)
- A snapshot of a firm's financial position at a given point in time
- A summary of a firm's revenue and expenses
Which financial statement shows a company's assets and liabilities?
Which financial statement shows a company's assets and liabilities?
- Income statement
- Statement of retained earnings
- Cash flow statement
- Balance sheet (correct)
What does the left side of a balance sheet show?
What does the left side of a balance sheet show?
- The company's assets (correct)
- The company's revenue
- The firm's liabilities and stockholder's equity
- The company's expenses
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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.
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