Question

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 balance sheet, a depreciation schedule, and a cash receipts journal. A balance sheet, an income statement, and a statement of cash flow. A balance sheet, an income statement, and a cash disbursements journal. An income statement, a statement of cash flow, and a depreciation schedule.

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Answer #1

Answer is A Balance Sheet, an income statement and a statement of cash flows.

Explanation:

Reporting entities prepared three financial statement for the purpose of determining the financial position of the business i.e. Income statement, Balance sheet and A statement of cash flows. Income statements suggest the profitability of the business during the year, balance sheet provides the details of assets, liabilities and equity in the business at a point of time and Cash flows statement provides the details of cash inflows and outflows transaction during the year under consideration.

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