If Harris Company issues both a balance sheet and an income statement with comparative figures from last year, a statement of cash flows should be issued for each period for which an income statement is presented.

Question

Quizplus · Accepted Answer

According to the generally accepted accounting principles (GAAP), a statement of cash flows should be presented for each period for which an income statement is presented. Therefore, if Harris Company issues both a balance sheet and an income statement with comparative figures from last year, a statement of cash flows should also be issued for each of those periods.

If Harris Company Issues Both a Balance Sheet and an Income