At the end of the reporting period, a company is required to prepare which additional financial report?
A) Statement of retained profits
B) Statement of equity
C) Statement of changes in equity
D) Statement of liabilities

Question

Quizplus · Accepted Answer

At the end of the reporting period, a company is required to prepare a Statement of Changes in Equity, which shows the changes in equity during the reporting period. This statement includes information about the net income or loss for the period, dividend payments, issuances or repurchases of shares, and any other transactions that affect equity. The other options, Statement of Retained Profits and Statement of Liabilities, are not required at the end of the reporting period, and the Statement of Equity is not a commonly used financial statement.

At the End of the Reporting Period, a Company Is