Identify the statement below that is incorrect.
A) Information about profits appears in the income statement.
B) Information about assets,liabilities and owner's equity is provided primarily in the balance sheet.
C) Information about how cash is used as well as when cash is received can be found on a business's balance sheet.
D) Meaningful information about the financial condition of a business can be determined by analyzing a business's financial statements.

Question

Quizplus · Accepted Answer

Information about how cash is used and when cash is received is provided primarily in the cash flow statement, not the balance sheet. The balance sheet provides information about a business's assets, liabilities, and owner's equity at a specific point in time.

Identify the Statement Below That Is Incorrect