Question

Which financial statements are commonly prepared in financial accounting?

• A. Balance Sheet, Income Statement, and Cash Flow Statement
• B. Sales Report, Inventory Report, and Cash Budget
• C. Employee Performance Report
• D. Marketing Plan

Answer 1

Answer:

A. Balance Sheet, Income Statement, and Cash Flow Statement

FINANCIAL ACCOUNTING:

• Financial Accounting assist keeping a systematic records of financial transactions the preparation and presentation of financial reports in order to measure organisational success and financial soundness.

• Oldest branch of accounting.

• It involves preparation of financial statement like the Balance sheet, Income statement and Cash flow statement.