Match each of the following characteristics with the financial statement that best describes it. Each may be used more than once.
-The first statement prepared
A)Income statement
B)Balance sheet
C)Statement of owner's equity
D)Statement of cash flows

Question

Quizplus · Accepted Answer

The income statement is typically the first financial statement prepared because it provides the net income or loss for the period, which is needed for the preparation of the other financial statements.

Match Each of the Following Characteristics with the Financial Statement