Asked by Alaysia Mcnill on Jun 04, 2024
Verified
The statement of cash flows is a required statement that must be prepared along with an income statement balance sheet and retained earnings statement.
Statement of Cash Flows
A financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, breaking the analysis down to operating, investing, and financing activities.
Retained Earnings Statement
A financial statement that shows the amounts and causes of changes in retained earnings for a specific period.
Income Statement
A financial report that shows a company's revenues, expenses, and profits or losses over a specific period, detailing its financial performance.
- Scrutinize the chief purpose and objectives inherent in the statement of cash flows.
Verified Answer
ZK
Zybrea KnightJun 05, 2024
Final Answer :
True
Explanation :
The statement of cash flows is a required financial statement that must be prepared along with an income statement, balance sheet, and retained earnings statement as part of the financial reporting package.
Learning Objectives
- Scrutinize the chief purpose and objectives inherent in the statement of cash flows.