The basic financial statements include all of the following except:
A) Balance Sheet (Statement of Financial Position).
B) Income Statement (Statement of Comprehensive Income).
C) Statement of changes in equity.
D) Statement of Cash Flows.
E) Trial Balance.

Question

Quizplus · Accepted Answer

The trial balance is not considered a basic financial statement, as it is an internal document used to ensure that debit and credit transactions in accounting records are equal. The other options listed (A, B, C, D) are all basic financial statements required in financial reporting.

The Basic Financial Statements Include All of the Following Except