Which of the following statements is correct?
a. The balance sheet gives us a picture of the firm's financial position at a point in time.
b. The income statement gives us a picture of the firm's financial position at a point in time.
c. The four most important financial statements provided in the annual report are the balance sheet, income statement, cash budget, and the statement of stockholders' equity.
d. The statement of cash flows tells us how much cash the firm must pay out in interest during the year.
e. The statement of cash needs tells us how much cash the firm will require during some future period, generally a month or a year.

Question

24-01-2020
Business

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Which of the following statements is correct?
a. The balance sheet gives us a picture of the firm's financial position at a point in time.
b. The income statement gives us a picture of the firm's financial position at a point in time.
c. The four most important financial statements provided in the annual report are the balance sheet, income statement, cash budget, and the statement of stockholders' equity.
d. The statement of cash flows tells us how much cash the firm must pay out in interest during the year.
e. The statement of cash needs tells us how much cash the firm will require during some future period, generally a month or a year.

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Answer:

a. The balance sheet gives us a picture of the firm's financial position at a point in time.

Explanation:

The assets, liabilities, and stockholder equity are reported in the balance sheet. The accounting equation shown below is used for this purpose.

Total assets = Total liabilities + owners equity

The balance sheet debit and credit side should always be equal.

In addition, it is always prepared on the date defined.

The income statement is prepared for a specified period that records total revenues and total expenditures

The statement of cash flows represents the cash position with respect to cash inflow and the cash outflow of cash

And the four most important financial statements provided in the annual report are the balance sheet, income statement, statement of stockholders' equity, and statement of cash flows.