1. A financial statement to show what a business owns and owes at a particular point in time?

A) A cash flow statement
B) The bank statement for the business
C) A balance sheet
D) A statement of retained earnings



2. Which financial statement presents a summary of the Assets, Liabilities, and Owners' Equity of a firm?

A) General ledger
B) Work sheet
C) Balance sheet
D) Cash flow statement



3. A financial document that indicates the success or failure of a business trading over a period of time is called?

A) A cash flow statement
B) A retained earnings statement
C) An income statement
D) A bank statement



4. The report of company that shows overall profit on the sale of their goods or the provision of their services?

A) Trading and Profit & loss account
B) Cash flow statement
C) Income Statement
D) Both a and c



5. Which of the following financial statements is also known as financial condition?

A) Balance Sheet
B) Income Statement
C) Statement of Cash flows
D) Bank Statement