A statement setting out the entity's overall philosophy and objectives is a/an:
A) financial statement.
B) integrated statement.
C) mission statement.
D) income statement.

Question

Quizplus · Accepted Answer

A mission statement sets out the organization's overall purpose and objectives, outlining its underlying values and philosophy. A financial statement refers to a document or report that outlines the financial performance of an entity, such as a balance sheet or income statement. An integrated statement refers to combining financial and non-financial information into one report, and an income statement specifically lays out an entity's revenues, expenses, and net income (or loss).

A Statement Setting Out the Entity's Overall Philosophy and Objectives