What Is Financial Reporting? - Purpose, Statement Examples & Analysis


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question 1 of 3

Which one of the following is the best explanation of financial reporting?

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1. What financial report tells you what the company owns and what it owes?

2. What financial report can help you figure out how well a company is managing its money?

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About This Quiz & Worksheet

This quiz and worksheet combo helps you gauge your knowledge of financial reporting and the purposes it serves today. You will need to identify the different types of financial reporting in order to pass the quiz.

Quiz & Worksheet Goals

This quiz and worksheet can help you review:

  • Types of financial reporting
  • Purposes of financial reporting
  • What financial reporting involves

Skills Practiced

This quiz and worksheet can help you test out the following skills:

  • Information recall - access the knowledge you have gained regarding the purpose of financial reports
  • Knowledge application - use your knowledge to answer questions about the different types of financial reports
  • Reading comprehension - ensure that you draw the most important information from the related financial lesson

Additional Learning

To learn more about financial reporting, review the lesson on What Is Financial Reporting? - Purpose, Statement Examples & Analysis. This lesson will help you:

  • Compare and contrast financial reporting and management reporting
  • Explain the benefits of using financial reports
  • Review what cash flow statements show
  • Identify parts of a balance sheet