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Financial statements

1) A statement that expresses the income statement items as a percent of total sales is called.
a) a percentage of sales income statement.

b) a cross-sectional income statement.

c) a common size income statement

d) a ratio based income statement.

e) none of the above.

Main purposes of Financial Statemnts.
2) What are the purposes of a) the balance sheet b) income statement c) cash flow statement

Solution Preview

1) A statement that expresses the income statement items as a percent of total sales is called.

c) a common size income statement

http://www.netmba.com/finance/statements/common-size/ as retrieved on 28 Apr 2008 23:23:35 GMT.

Main purposes of Financial Statemnts.

2) What are the purposes of a) the balance sheet b) income statement c) cash flow statement

Financial statements are most important statements of accounting. Accountants summarize this information in a balance sheet, income statement, and statement of cash flows. The statement of cash flows provides information about cash receipts and cash payments of an entity during a period. A ...

Solution Summary

This explains the preparation of the balance sheet, income statement and cash flow statement

$2.19