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English 9 Public

Finalcial statement

Study Slideshow

The accounting equation explains how assets are acquired.

TRUE

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The balance sheet shows the income left over after subtracting expenses from sales

False - - The income statement shows how much income is left over after subtracting expenses from sales, not the balance sheet.

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The income statement reveals how cash flows through a company.

trUE

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Understanding the rules of accounting can help in making better investment decisions

tRUE

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The balance sheet provides information about how a company collects money from customers

False - - The balance sheet provides information about a company's assets, liabilities, and equity, not how it collects money from customers.

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Can you define asset?

a useful or valuable quality, skill, or person:

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What are the liabilities in a company?

The debts

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How can understanding financial statements help in making better investing decisions?

It can help in making better investing decisions by providing information about a company.

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In what ways can understanding financial statements benefit someone in business?

It can help by increasing their management insights, helping them make informed decisions, and improving their overall financial acumen.

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