Which of the following financial statements includes information about a firm's assets, equity, and liabilities?
A) Income statement
B) Cash flow statement
C) Balance sheet
D) Statement of retained earnings
E) Statement of changes in long-term financing

Question

Quizplus · Accepted Answer

The balance sheet is the only financial statement that includes information about a firm's assets, equity, and liabilities. The income statement shows revenue, expenses, and net income, while the cash flow statement shows cash inflows and outflows. The statement of retained earnings reflects changes in a company's retained earnings. The statement of changes in long-term financing shows changes in a firm's long-term financing sources.

Which of the Following Financial Statements Includes Information About a Firm's