Which of the following financial statements shows the changes in owner's capital during a period of time?
A)income statement
B)statement of owner's equity
C)statement of cash flows
D)balance sheet

Question

Quizplus · Accepted Answer

The statement of owner's equity shows the changes in owner's capital during a period of time, including net income or loss, owner contributions, and owner withdrawals. The income statement shows revenues and expenses over a period of time, the statement of cash flows shows the inflows and outflows of cash during a period of time, and the balance sheet shows assets, liabilities, and owner's equity at a specific point in time.

Which of the Following Financial Statements Shows the Changes in Owner's