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02 - Accounting Test Time- Financial Statement 1 - Class 11 - Acountancy Video Lecture - Commerce
FAQs on 02 - Accounting Test Time- Financial Statement 1 - Class 11 - Acountancy Video Lecture - Commerce
| 1. What is a financial statement? |  |
Ans. A financial statement is a document that provides information about the financial performance, position, and cash flows of a company. It includes the balance sheet, income statement, and cash flow statement.
| 2. Why are financial statements important? | |
Ans. Financial statements are important because they provide valuable information to stakeholders, such as investors, creditors, and management, about the financial health and performance of a company. They help in making informed decisions and assessing the company's profitability, liquidity, and solvency.
| 3. What is the purpose of the balance sheet? | |
Ans. The balance sheet is a financial statement that presents a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and shareholders' equity. The main purpose of the balance sheet is to provide information about the company's financial strength and its ability to meet its obligations.
| 4. How is net income calculated in the income statement? | |
Ans. Net income is calculated by subtracting total expenses from total revenues. It represents the company's profit or loss for a specific period. Net income is an important measure of a company's financial performance and is often used to assess its profitability.
| 5. What is the significance of the cash flow statement? | |
Ans. The cash flow statement provides information about the cash inflows and outflows of a company during a specific period. It helps in analyzing the company's ability to generate cash, its cash flow from operating, investing, and financing activities. The cash flow statement is crucial for assessing the company's liquidity and its ability to meet its short-term obligations.
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Nov 08, 2024 Last updated |
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