Question

Which of these best describes a statement of financial position?
(a) An account proving the books balance
(b) A record of closing entries
(c) A listing of balances
(d) A statement of assets

Answer 1

Answer:

A statement that assets (D)

Answer 2

Answer:

(a) An account providing the book balance

Explanation:

Financial Statements are a statement that aims to keep books of accounts in systematic records of every financial transaction so it becomes representable to inspectors such as creditors, directors, shareholders, etc. It is prepared by certain accounting principles, assumptions, and standards. It contains three most important parts such as:

1. balance sheet which shows the position of the organization. Also called a position statement.
2. Profit and loss statement Which Income position of an organization. Also called the income statement.
3. Cash flow Statement which shows cash transactions done in the particular financial year.

A financial statement always ends in a particular calendar/financial year of an organization.

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