Which of the following statements concerning financial reporting is TRUE?
A) Financial statements present the financial position of a company at points in time.
B) Financial statements present results of operations over specific time periods.
C) Financial statements present results of cash flows over specific time periods.
D) All of these answer choices are correct.

Question

Quizplus · Accepted Answer

All of these statements are true regarding financial reporting. Financial statements indeed present the financial position of a company at a point in time (such as the balance sheet), results of operations over specific time periods (such as the income statement), and cash flows over specific time periods (such as the cash flow statement).

Which of the Following Statements Concerning Financial Reporting Is TRUE