The basic financial reports of a business DO NOT provide users information about
A) profits.
B) economic resources (assets).
C) claims against the assets (liabilities and owner's equity).
D) competitors of a business.

Question

Quizplus · Accepted Answer

The basic financial reports of a business, such as the balance sheet, income statement, and cash flow statement, are designed to provide information about the financial position, performance, and cash flows of the business. They do not provide information about the competitors of the business, which is generally considered to be external to the business and not directly related to its financial reports.

The Basic Financial Reports of a Business DO NOT Provide