Kate's banker would like to know the profit of her business from 01 January through to 31 December.She should show him the _______.

Question

Quizplus · Accepted Answer

The statement of profit and loss and other comprehensive income is designed to show the profit or loss of a business during a specific period of time. This statement will give Kate's banker an idea of how much profit her business has made from 01 January through to 31 December. The statement of cash flows shows how cash has moved in and out of the business, the statement of financial position provides a snapshot of the business's financial standing at a specific point in time, and the harvest plan is unrelated to financial statements.

Kate's Banker Would Like to Know the Profit of Her