The financial statement that reports resources owned, the obligations to transfer resources to other organizations, and the claims by the entity's owners is known as the

Question

Quizplus · Accepted Answer

The balance sheet reports the entity's assets (resources owned), liabilities (obligations to transfer resources to other organizations), and equity (claims by the entity's owners). The income statement reports revenue earned and expenses incurred during a period, the statement of retained earnings reports how much of the entity's net income was retained in the business as opposed to distributed to owners, and the statement of cash flows reports the entity's cash inflows and outflows during a period.

The Financial Statement That Reports Resources Owned, the Obligations to Transfer