Which of the three main financial statements was chronologically the last to be required to be included as part of the external financial reports?
A) income statement
B) cash flow statement
C) balance sheet
D) None, all three reports have always been required to be included in external financial reports.

Question

Quizplus · Accepted Answer

The cash flow statement was the last of the three main financial statements to be required to be included in external financial reports. It was introduced in the United States in 1987, while the income statement and balance sheet have been required for much longer.

Which of the Three Main Financial Statements Was Chronologically the Last