The basic financial statements include all of the following except:
A) Income Statement.
B) Statement of Owner's Equity.
C) Statement of Cash Flows.
D) Statement of Changes in Assets.
E) Balance Sheet.

Question

Quizplus · Accepted Answer

The four basic financial statements are the income statement, statement of owner's equity, statement of cash flows, and balance sheet. There is no statement called "Statement of Changes in Assets," so option D is not a basic financial statement.

The Basic Financial Statements Include All of the Following Except