Question

Which of the following is false regarding the four basic financial statements? A. The balance sheet provides the financial position of a business at a specific date. B. The income statement provides the revenues and expenses of a business for a specific period of time. C. The statement of cash flows shows the sources and uses of cash of a business for a specific period of time. D. The changes in equity during the period is shown on the balance sheet.

Answer 1

Question :

Answer :

false : D : the change in the equity during the period is shown on the balance sheet .

the change in the equity during the perio is shown on the the stockholder's equity statement.

and the other statements are True :

A. the balance sheet provides the financial position of a business at as specific date.

the balance sheet is prepared to show the status of the corporation assets, liability and equity on a particular day or on the last day of the reporting period.

B. The income statement provide the revenue and expenses of a business for a specific period of time.

the revnue and expenses of a business are shown for the reporting period of time.

c. the statment of cash flows shows the source and uses of cash of a business for a specific period of time.

the cash flows shows the reporting period cash received and used of the coproation.