Which of the following is not a required component of financial statements prepared in accordance with generally accepted accounting principles?
A) President's letter to shareholders.
B) Balance sheet.
C) Income statement.
D) Notes to financial statements.

Question

Quizplus · Accepted Answer

A President's letter to shareholders is not a required component of financial statements prepared in accordance with generally accepted accounting principles (GAAP). However, it is common for companies to include a letter from the CEO or President in their annual report as an additional communication with shareholders. The required components of financial statements prepared in accordance with GAAP include a balance sheet, income statement, and notes to financial statements.

Which of the Following Is Not a Required Component of Financial