A financial statement headed 'for the year ended 30 June 2018' would be:
A) the balance sheet.
B) the income statement.
C) the statement of changes in equity.
D) either the income statement or the statement of changes in equity.

Question

Quizplus · Accepted Answer

Financial statements that cover a specific period, such as 'for the year ended 30 June 2018', typically include the income statement and the statement of changes in equity. These statements report on financial performance and changes in equity over a period, unlike the balance sheet, which is a snapshot at a specific point in time.

A Financial Statement Headed 'For the Year Ended 30 June