Financial Statements Overview
Flashcard
•
Business
•
12th Grade
•
Hard
Jane Jlea
FREE Resource
Student preview
4 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What are the principal financial statements of a corporation?
Back
The balance sheet, income statement, statement of stockholders’ equity, and statement of cash flows.
2.
FLASHCARD QUESTION
Front
What is the purpose of the notes that accompany financial statements?
Back
To help evaluate the financial condition, profitability, and cash flows of an entity.
3.
FLASHCARD QUESTION
Front
Which financial statement is considered the most basic?
Back
The balance sheet.
4.
FLASHCARD QUESTION
Front
What do the other financial statements explain?
Back
The changes between two balance sheet dates.
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