Homework Answers
Option a, cash flow statement gives information on how much cash the business is actually generating. It gives an understanding of the inflows and outflows of cash under the categories- operating, investing and financing.
Option b, income statement shows the firm’s revenue and expenses during a period of time.
Option c, sales report provides information of a company’s sales activities over a period of time.
Option d, balance sheet reports a firm’s assets, liability and equity at a specific point of point.
Hence, the answer is option b.
In case of any query, kindly comment on the solution.
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Which of the following is false regarding the four basic financial statements? A. The balance sheet...
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Ogress An income statement presents the revenues and expenses for a specific period of time. reports the changes in assets, liabilities, and stockholders' equity over a period of time. reports the assets, liabilities, and stockholders' equity at a specific date. summarizes the changes in retained earnings for a specific period of time. Save for Later Attempts: 0 of 1 used Submit Answer esc 2
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...
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