The first financial statement to be prepared is the statement of net income.

Name: The first financial statement to be prepared is the statement of net income.
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Question

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The first financial statement to be prepared is the income statement, which shows the revenues and expenses of a company over a period of time. The statement of net income is prepared after the income statement and shows the net income or loss of a company for a period of time.

The First Financial Statement to Be Prepared Is the Statement