Select the financial statement on which the user would most likely find the answer to the question given. (Select all that apply.)
-Did the company purchase any intangible assets during the year?
A)Income statement
B)Balance sheet
C)Statement of cash flows
D)Statement of retained earnings

Question

Quizplus · Accepted Answer

The purchase of intangible assets during the year would be reflected in the balance sheet as an increase in intangible assets. Additionally, the cash outflow associated with the purchase would be reported in the investing activities section of the statement of cash flows.

Select the Financial Statement on Which the User Would Most