_______ statements are the basic sources of information to the shareholders and other external parties for understanding the profitability and financial position of any concern.

Financial

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Accounting

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Common size

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Comparative

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Solution

The correct option is B Financial
Financial statements are the summarised reports of recorded facts and are prepared following the accounting concepts, conventions and requirement of law. It is the basic source of information to the shareholders other external parties.

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Similar questions

Accounting provides information about the profitability and financial soundness of a concern. In addition,it provides other valuable information also. However,accounting has certain limitations. Explain any three such limitations.

Q. Financial statements are prepared following the consistent accounting concepts, principles, procedures and also the legal environment in which the business organisations operate. These statements are the sources of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.
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Which financial statement presents a summary of the Assets, Liabilities, and Shareholders' Fund of a company?

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_______ statements are the basic sources of information to the shareholders and other external parties for understanding the profitability and financial position of any concern.

The correct option is B FinancialFinancial statements are the summarised reports of recorded facts and are prepared following the accounting concepts, conventions and requirement of law. It is the basic source of information to the shareholders other external parties.

The correct option is B Financial
Financial statements are the summarised reports of recorded facts and are prepared following the accounting concepts, conventions and requirement of law. It is the basic source of information to the shareholders other external parties.