Basic Financial Statements

Question 1

are written records that convey the business activities and the financial performance of a company.

Answer 1

Financial Statements

Question 2

4 Financial statements include:

Answer 2

Balance Sheets
Income Statements
Cash Flow Statements
Statements of Shareholders equity

Question 3

•Shows the financial position of a business
•Expressed as a “snapshot” or financial picture of the company at a specified point in time (i.e., as of
December 31, 2017)
•Has three sections: assets, liabilities, and shareholders
equity

Answer 3

Balance Sheet