Please Define the Following Key Terms

question 62

Short Answer

Please define the following key terms.
-Frances Wright

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Definitions:

Liabilities

Financial obligations or debts that a company owes to others, which must be settled through the transfer of assets or services.

Assets

Resources owned or controlled by a business that are expected to produce economic value or future benefits.

Statement of Cash Flows

A financial report illustrating the total cash a company acquires through its operational endeavors and external financial sources, in addition to the cash spent on operational and investment activities over a defined period.

Balance Sheet

A financial statement that shows a company's financial position, detailing assets, liabilities, and shareholders' equity at a specific point in time.