Financial statements are:
A) reports issued by outside consultants who are hired to analyze key operations of the business
B) standard documents that tell us how well a business is performing and where it stands in financial terms
C) reports created by management that states it is responsible for the acts of the corporation
D) standard documents issued by outside consultants who are hired to analyze key operations of the business in financial terms

Question

Quizplus · Accepted Answer

Financial statements are standard documents that provide information about a business's financial performance and position, including its income, expenses, assets, liabilities, and equity. These statements are typically prepared by the company's management and are used by investors, creditors, and other stakeholders to assess the business's financial health and make decisions about investing or lending money.

Financial Statements Are