Which of the following statements is NOT correct about the financial statements?
A)An income statement reports revenues,expenses,and net income information.
B)The statement of stockholders' equity presents common stock,dividends,and retained earnings information.
C)A balance sheet reports assets,liabilities,revenues,and expenses.

Question

Quizplus · Accepted Answer

A balance sheet reports only assets, liabilities, and stockholders' equity information. It does not report revenues and expenses, which are presented in the income statement.

Which of the Following Statements Is NOT Correct About the Financial