The basic financial statements always report on transactions and events
A)that have already occurred.
B)that will occur in the future.
C)that are projected.
D)that have been audited.

Question

Quizplus · Accepted Answer

The basic financial statements (such as the balance sheet, income statement, and cash flow statement) report on transactions and events that have already occurred, not future events or projections. Additionally, while audited financial statements are common, they are not necessarily required for a company to produce basic financial statements.

The Basic Financial Statements Always Report on Transactions and Events