The financial statement which summarizes operating, investing, and financing activities of an entity for a period of time is the
A) retained earnings statement.
B) income statement.
C) statement of cash flows.
D) statement of financial position.

Question

Quizplus · Accepted Answer

The statement that summarizes operating, investing, and financing activities of an entity for a period of time is the statement of cash flows. The retained earnings statement summarizes changes in retained earnings, the income statement summarizes revenue and expenses for the period, and the statement of financial position (also known as the balance sheet) summarizes the assets, liabilities, and equity of an entity at a specific point in time.

The Financial Statement Which Summarizes Operating, Investing, and Financing Activities