Financial statements are part of ______.

Accounting

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Book-keeping

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Cost accounting

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H.R accounting

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Solution

The correct option is A Accounting
When transaction is recorded in books of the business, it is called book keeping. As we understand, book keeping does not give any final output for understanding the business. Once financial statements are prepared, that gives the a real picture of any business. Preparation of financial statement is part of accounting process.

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Similar questions

Which of the following statement is true?

Statement A: Financial statements are prepared on the basis of accounting principles.

Statement B: Any changes in the accounting principles or method will affect the utility of the financial statements.

`Financial statements reflect a combination of recorded facts, accounting conventions and personal judgments’ discuss.

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