The _____ report changes in assets and liabilities over a period of time, similar to a motion picture.
A)balance sheet and income statement
B)income statement and statement of cash flows
C)balance sheet and statement of cash flows
D)statement of cash flows and funds flow statement
E)balance sheet and statement of cash receipts and disbursements

Question

Quizplus · Accepted Answer

The income statement and statement of cash flows both report changes over a period of time, with the income statement showing revenue and expense changes and the statement of cash flows showing changes in cash from operating, investing, and financing activities. The balance sheet and statement of cash flows report a snapshot of assets, liabilities, and equity and changes in cash, respectively. The statement of cash receipts and disbursements is not a commonly used financial statement. The funds flow statement is an outdated financial statement that is no longer widely used.

The _____ Report Changes in Assets and Liabilities Over a Period