Which of the following statements is false?
A)A balance sheet reports a company's cash balance at a specific date.
B)An income statement reports the amounts of revenue and expense on an accrual basis.
C)A statement of retained earnings reports the amount of cash received from operating activities and the amount of cash paid for dividends.
D)A statement of cash flows explains the changes in cash from operating, investing, and financing activities.

Question

Quizplus · Accepted Answer

A statement of retained earnings reports the changes in retained earnings, including net income, dividends, and any prior period adjustments. It does not report the amounts of cash received from operating activities or the amount of cash paid for dividends.

Which of the Following Statements Is False