Misc

Question 1

Define the statement of profit or loss

Answer 1

(income statement) demonstrating financial performance

Question 2

Define the statement of financial position

Answer 2

(balance sheet) snapshot of a business’s financial position at a specific point in time, showing its assets, liabilities, and equity

Question 3

Define the statement of cash flows

Answer 3

a financial report that shows a company’s cash flow over a period of time

Question 4

Define the statement of changes in owners’ equity

Answer 4

a financial statement that details how a company’s equity (shareholders’ equity) changes over a specific period, including factors like profits, losses, dividends, and other equity-related transactions