Which of the Following Financial Statements Shows a Company's Financial

question 45

Multiple Choice

Which of the following financial statements shows a company's financial position on a particular date?

• A)Statement of changes in retained earnings
• B)Income statement
• C)Statement of cash flows
• D)Balance sheet

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Definitions:

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB).

Expenses

Costs incurred during a period by a business or individual in the process of earning revenue.

Function

The specific role or activity for which something is used or responsible within a system, organism, or machine.

Gross Profit Margin

Gross profit margin is a financial metric expressed as a percentage that measures the financial health of a company by indicating the proportion of money left over from revenues after accounting for the cost of goods sold (COGS).