A Financial Statement That Summarises the Organisation's Financial Performance at a Given

question 118

Multiple Choice

A financial statement that summarises the organisation's financial performance at a given time interval is called a:

• A) capital expenditure budget
• B) balance sheet
• C) cash budget
• D) profit budget
• E) income statement.

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Definitions:

Duress

A condition where a person performs an act as a result of violence, threat, or other pressures against the person.

Illegal Contract

An agreement that is void and unenforceable by law due to its nature of involving activities that are against the law.

Voidable

Describes a legal agreement that could be declared invalid by one of the parties due to certain deficiencies or circumstances.

Illegal

Actions or activities that are expressly prohibited by law and subject to penal consequences.