Question

What financial statements are used by business entities to report the financial position of the entity?

Answer 1

A balance sheet is a financial statement that lists the accounts and balances of a business entity’s assets, liabilities and shareholders’ equity. A business entity reports such financial information in its balance sheet at the end of an accounting period, providing a snapshot of its financial condition at that point in time.

Answer 2

Income Statement, Balance Sheet, Cash Flow Statement, Owner's Equity Statement.

Step-by-step explanation:

There are many financial statements that are used to view the financial position of the company. Four of the main basic statements that are used to see the overall financial position of the company are Income Statement, Balance Sheet, Cash Flow Statements and the Owner's Equity Statements.