Common shares are reported on
A)the statement of financial position.
B)the statement of changes in equity.
C)both the statement of financial position and the statement of income.
D)both the statement of changes in equity and the statement of financial position.

Question

Quizplus · Accepted Answer

Common shares are reported on both the statement of changes in equity and the statement of financial position. The statement of financial position (or balance sheet) shows the company's financial status at a specific point in time, including its equity, which comprises common shares. The statement of changes in equity details the movements in equity, including transactions involving common shares, over a period.

Common Shares Are Reported on