Question

1. Which financial statement shows the financial performance of the company on a cash basis? balance...

1. Which financial statement shows the financial performance of the company on a cash basis?

  1. balance sheet
  2. statement of owner’s equity
  3. statement of cash flows
  4. income statement

2. Which financial statement shows the financial position of the company?

  1. balance sheet
  2. statement of owner’s equity
  3. statement of cash flows
  4. income statement
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Answer #1

1) which statement shows the financial performance of a company when cash basis of accouting is followed

When cash basis of accouting is followed

1) Transactions are recorded only when cash is transacted

2) Enterprise following cash basis of accounting prepare receipts and payments account

3) Difference between cash receipts and cash payments is the profit or loss

Statement of cash flows shows the financial performance of a entity

2) which statement shows financial position of a company

Balance sheet shows the financial position of assets and liability of an entity at a particular point of time

Question 1 option _c

Question 2;option_ A

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