Which of the three main financial statements was chronologically the last to be required to be included as part of the external financial reports?
A)Statement of comprehensive income.
B)Statement of financial position.
C)Statement of cash flows.
D)None, all three reports have always been required to be included in external financial reports.

Question

Quizplus · Accepted Answer

The statement of cash flows was the last of the three main financial statements to be required, with its inclusion becoming mandatory in the 1980s. Prior to that, only the statement of financial position (balance sheet) and statement of comprehensive income (income statement) were required.

Which of the Three Main Financial Statements Was Chronologically the Last