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Questions and Answers
What are the four basic financial statements typically included in financial reports?
What are the four basic financial statements typically included in financial reports?
- Balance sheet, income statement, statement of changes in equity, statement of cash flows (correct)
- Profit and loss statement, statement of retained earnings, statement of comprehensive income, statement of revenue & expense
- Balance sheet, income statement, cash flow statement, statement of equity
- Statement of financial position, profit and loss report, statement of equity, statement of revenue & expense
What does an income statement report on?
What does an income statement report on?
- Company's cash flow activities
- Company's assets, liabilities, and owners equity at a given point in time
- Changes in equity over time
- Company's income, expenses, and profits over a stated period (correct)
What does a balance sheet or statement of financial position report on?
What does a balance sheet or statement of financial position report on?
- Company's cash flow activities
- Company's income, expenses, and profits over a stated period
- Company's changes in equity over time
- Company's assets, liabilities, and owners equity at a given point in time (correct)
What information does a profit and loss statement provide?
What information does a profit and loss statement provide?
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What does a statement of changes in equity or statement of equity report on?
What does a statement of changes in equity or statement of equity report on?
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