The financial statement that records all items of income and expense,whether included in profit and loss or not is the:
A)balance sheet
B)statement of comprehensive income
C)statement of financial position
D)statement of cash flows

Question

Quizplus · Accepted Answer

The statement of comprehensive income records all items of income and expense, regardless of whether they are included in the profit and loss statement or not. The balance sheet records assets, liabilities, and equity, the statement of financial position is another name for the balance sheet, and the statement of cash flows records cash inflows and outflows.

The Financial Statement That Records All Items of Income and Expense,whether