Question

For each definition (or portion of a definition) in the first column, select the term that most closely applies. Each term may be used only once or not at all.

Definition (or Portion) Representations by management that are communicated, explicitly or implicitly, i n the financial statements.

Answer 1

Financial statements in business represent management's communicated representations about a company's financial position and performance.

Step-by-step explanation:

This question is related to the concept of financial statements in the field of business.

Representations by management that are communicated in the financial statements can include items such as revenue, expenses, assets, and liabilities. These representations provide information about the financial position and performance of a business.

For example, a company's balance sheet represents its financial position at a specific point in time, while the income statement represents its financial performance over a period of time.