In contrast to the managerial reporting process, the financial reporting process prepares all of the following financial statements except:
A)the balance sheet
B)the income statement
C)the standard costing variance report
D)the statement of owner equity changes

Question

Quizplus · Accepted Answer

The standard costing variance report is not part of the traditional financial statements prepared in the financial reporting process. The other statements listed (balance sheet, income statement, and statement of owner equity changes) are all typically prepared as part of the financial reporting process.

In Contrast to the Managerial Reporting Process, the Financial Reporting