Which of the following are considered core Financial Statements?

The assertion that the Balance Sheet and Cash Flow Statement are considered core Financial Statements is accurate because these documents are fundamental components of financial reporting.

The Balance Sheet provides a snapshot of a company's financial position at a specific point in time, detailing the company’s assets, liabilities, and equity. This statement is crucial for assessing the company's financial strength and liquidity.

The Cash Flow Statement outlines the inflow and outflow of cash within the organization over a period of time. It is essential for understanding how a company generates and uses cash, which is critical for maintaining operational efficiency and meeting financial obligations.

Together with the Profit and Loss Statement, which is also important, these three statements provide a comprehensive view of a firm’s financial health. Other financial reports such as the Equity Statement and Strategic Report offer valuable insights but are not classified as core Financial Statements in the conventional sense.