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Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall
Edition 9ISBN: 0073527068Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall
Edition 9ISBN: 0073527068Which of the following financial statement descriptions is inaccurate?
a. Balance Sheet—shows the organization’s financial position for a period of time.
b. Income Statement—shows what the organization’s earnings were for a period time.
c. Statement of Cash Flows—shows what the organization’s receipts and disbursements were for a period of time.
d. Statement of Owners’ Equity—shows the investments by and distributions to owners for a period of time.
e. All of the above descriptions are accurate.
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Step 1 of 6
Financial Statements:
These are the basic elements of financial reporting. These are the set of books that a company maintains in order to record its financial transactions. The financial statements when complete at the end of the period include the below-mentioned elements.
1. Statement of Income
2. Balance Sheet
3. Statement showing changes in equity of the shareholders.
4. Cash Flow Statement
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