Financial statements only consider _________________.
Liabilities expressed in monetary terms.
Assets expressed in non-monetary terms.
Assets and liabilities expressed in monetary terms
Assets expressed in monetary terms
A
Assets expressed in non-monetary terms.
B
Assets and liabilities expressed in monetary terms
C
Assets expressed in monetary terms
D
Liabilities expressed in monetary terms.
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Solution
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'Financial Statements' comprises of Statement of Profit/Loss, Balance Sheet (including Notes to Accounts), Cash flow statement and statement of changes in Equity.
Financial statements is a record of all the monetary items which includes assets and liabilities. In addition to the assets and liabilities, capital, profits and losses of the entity will also form a part of the financial statements.
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