Which financial reports comprise the 'final accounts'?
A)statement of cash flows and statement of comprehensive income.
B)statement of comprehensive income and statement of financial position.
C)statement of comprehensive income, statement of financial position, statement of cash flows and statement of change in owners' equity.
D)statement of financial position, statement of cash flows and statement of comprehensive income.

Question

Quizplus · Accepted Answer

Final accounts typically include the statement of comprehensive income (which encompasses the income statement and other comprehensive income), statement of financial position (balance sheet), statement of cash flows, and statement of changes in owners' equity. These reports collectively provide a comprehensive overview of a company's financial performance and position.

Which Financial Reports Comprise the 'Final Accounts