Asked by Lindsey Marie on Jul 08, 2024
Verified
The basic financial statements include all of the following except:
A) Balance Sheet.
B) Income Statement.
C) Statement of Retained Earnings.
D) Statement of Cash Flows.
E) Statement of Changes in Assets.
Financial Statements
Formal records of the financial activities and position of a business, person, or other entity.
Balance Sheet
An economic report indicating a company's possessions, financial responsibilities, and the value belonging to shareholders at a certain instance.
Income Statement
A financial statement that reports a company's financial performance over a specific accounting period, detailing revenue, expenses, and net profit or loss.
- Familiarize oneself with the essential elements and purposes of core financial statements, namely the balance sheet, income statement, statement of retained earnings, and statement of cash flows.
Verified Answer
MA
Maqsood AhmadJul 14, 2024
Final Answer :
E
Explanation :
The basic financial statements include the Balance Sheet, Income Statement, Statement of Retained Earnings, and Statement of Cash Flows. The Statement of Changes in Assets is not a basic financial statement.
Learning Objectives
- Familiarize oneself with the essential elements and purposes of core financial statements, namely the balance sheet, income statement, statement of retained earnings, and statement of cash flows.