Which of the following statements regarding financial reports is correct?
Which of the following statements regarding financial reports is correct?
Select one:
a. A balance sheet contains assets, liabilities, and stockholders' equity information
b. A statement of stockholders' equity reports revenues, net income, and expense information
c. An income statement shows revenues and dividends.
d. A statement of cash flows shows cash inflows and outflows from operating investing, and manufacturing activities
Homework Answers
Ans.: Statement a. is correct regarding financial reports. A balance sheet contains assets, Liabilities and stockholders equity information.
Point number B. is incorrect because statement of stock holders equity reports includes equity information. Not net income and expense information.
Point no. Can is incorrect because income statement shows revenue and expenses. It does not shows dividends.
Point number d. is incorrect because statement of cash flows shows cash in flow and outflows from operating, invest and financial activities. It does not shows manufacturing activities.
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