The Main Financial Statements of a Business Include

question 20

Multiple Choice

The main financial statements of a business include:

• A)Balance Sheet,Profit & Loss Statement,and the Statement of Cash Flows
• B)Tax Return,Balance Sheet,Profit & Loss Statement,and the Statement of Cash Flows
• C)Balance Sheet,Profit & Loss Statement,and Notes to the Financial Statements
• D)Tax Return,Statement of Cash Flows,and Balance sheet

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Definitions:

Excludable

An excludable good is one from which individuals can be prevented from using if they do not pay for it.

Rival In Consumption

A characteristic of a good or service that means its consumption by one individual prevents simultaneous consumption by another individual.

Private Good

A product or service that is consumed by one individual without providing benefit to others and is subject to exclusion and rivalry.

Fish Fillet

A piece of fish that has been cut or sliced away from the bone, often prepared as a food item.