General purpose financial statements include which of the following sets of statements?
A)Balance statement, income statement, statement of long-term debt, cash flow statement
B)Balance sheet, income statement, statement of shareholders' equity, cash flow statement
C)Balance sheet, income statement, statement of shareholders' equity, statement of long-term debt
D)Balance statement, income statement, statement of retained earnings, cash balance

Question

Quizplus · Accepted Answer

General purpose financial statements typically include a balance sheet, income statement, statement of shareholders' equity, and cash flow statement. Option B includes all of these statements. Option A includes a statement of long-term debt, which is not typically included in general purpose financial statements. Option C includes a statement of long-term debt but does not include a cash flow statement. Option D includes a statement of retained earnings instead of a statement of shareholders' equity.

General Purpose Financial Statements Include Which of the Following Sets