A partnership that is a reporting entity must produce which of these financial statements?
i. Income statement
ii. Balance sheet
iii. Statement of cash flows
iv. Statement of changes in partners' equity
A) i, ii, iii
B) i, iii
C) i, ii, iii, iv
D) None of these statements

Question

Quizplus · Accepted Answer

A partnership that is a reporting entity is required to produce all four financial statements (income statement, balance sheet, statement of cash flows, and statement of changes in partners' equity) in accordance with generally accepted accounting principles (GAAP). Therefore, choice C is the correct answer.

A Partnership That Is a Reporting Entity Must Produce Which