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

Question

Quizplus · Accepted Answer

A partnership that is a reporting entity is required to produce all of these financial statements: an income statement to show its financial performance, a statement of changes in partners' equity to show the changes in the ownership interest, a balance sheet to present its financial position, and a statement of cash flows to show the cash inflows and outflows.

A Partnership That Is a Reporting Entity Must Produce Which