Response to the following question: List the four financial statements: For each financial statement, (1) Explain the

Question:

Response to the following question:
List the four financial statements:
For each financial statement,
(1) Explain the main characteristic of an organization that it assesses (for example, the assesses liquidity)
(2) List its main components. Also explain the main purpose of each of the following: the notes to the financial statement; the management's letter of responsibility; and the audit opinion. (Some of those were discussed in the previous unit).
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...