Question

A financial statement is a(n) ________. Group of answer choices estimate of a firm's future income and expenses hybrid statement of cash flows itemized forecast of a company's income, expenses, and capital needs written report that quantitatively describes a firm's financial health set of ratios which depict relationships between a firm's financial items

Answer 1

Answer:

Option A Written report that quantitatively describes a firm's financial health

Explanation:

The reason is that the financial statements reflects the firm's finanacial health in terms of profits & losses, Assets and its worth, Cash flows and Equity at the year end. This gives an overview where the company is heading. Financial statements gives an overview how the company has managed its costs, increased profits, increased investments, cash generation from core operations, etc. It has wide number of use for decision making purposes for its stakeholders.

Answer 2

Answer:

The correct answer is letter "C":  written report that quantitatively describes a firm's financial health.

Explanation:

Financial Statements are a picture of the financial health of a company for a given period at a given time. Financial statements provide data collecting on the financial results of a company, its economic conditions, and its cash flows. A company's financial statements are broken down into three (3) parts: the Balance Sheet, the Income Statement, and the Cash Flow Statements.