Which of the following are financial statements used by business entities to report the financial position...

Which of the following are financial statements used by business entities to report the financial position of the entity? A. A balance sheet, a depreciation schedule, and a cash receipts journal. B. An income statement, a statement of cash flow, and a depreciation schedule. C. A balance sheet, an income statement, and a statement of cash flow. D. A balance sheet, an income statement, and a cash disbursements journal.

Expert Solution

Answer is- C.-A balance sheet, an income statement, and a statement of cash flow.

Financial statements are formal and written record of financial situation and activities of the business and include standard reports like balance sheet, income statement and cash flow statement.

ekkarill92 answered 2 years ago

Below are the statements of financial position of three entities as at 30 September 2019 &nb

Below are the statements of financial position of three entities as at 30 September 2019 Papa Mama Daughter $’000 $’000 $’000 Non-current assets 24,000 7,500 3,000 Property, plant and equipment 14,000 7,500 3,000 Investments 10,000 – – Current assets 6,000 3,000 1,500 –––––– –––––– –––––– 30,000 10,500 4,500 –––––– –––––– –––––– Equity & liabilities Equity 17,500 6,500 ...

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Question 1 Financial statements are prepared for a range of different business entities. a) Identify the...

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