hat are the key financial statements of a business? (Select all that apply)Multiple select question.statement of cash flowsincome statementtrial balanceannual reportbalance sheet
Question
hat are the key financial statements of a business? (Select all that apply)Multiple select question.statement of cash flowsincome statementtrial balanceannual reportbalance sheet
Solution
The key financial statements of a business are:
- Statement of Cash Flows
- Income Statement
- Balance Sheet
The trial balance is not a financial statement, but it is a report that lists the balances of all general ledger accounts of a company at a certain point in time. The annual report, on the other hand, is a comprehensive report on a company's activities throughout the preceding year which includes several financial statements, but it is not a financial statement itself.
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