Which statement is NOT true about financial statements?
A) All companies prepare balance sheets, income statements, and statements of cash flow.
B) Some companies prepare only balance sheets and income statements.
C) Public firms, according to the Securities and Exchange Commission, must issue a statement of cash flows.
D) Financial statements fall into three broad categories: balance sheets, income statements, and statements of cash flows.

Question

Quizplus · Accepted Answer

All companies do not prepare all three financial statements. Some companies only prepare balance sheets and income statements.

Which Statement Is NOT True About Financial Statements