The basic financial statements always report on transactions and events
A)That have already occurred.
B)That will occur in the future.
C)That are projected.
D)That have been audited.

Question

Quizplus · Accepted Answer

The basic financial statements (balance sheet, income statement, cash flow statement) report on financial transactions and events that have already occurred in the past. These statements provide a snapshot of a company's financial health at the end of a specific period.

The Basic Financial Statements Always Report on Transactions and Events