Which of the following statements regarding financial reports is not correct?
A)A balance sheet contains assets,liabilities,and stockholders' equity information.
B)An income statement shows revenues and expenses.
C)A statement of stockholders' equity reports revenues,net income,and dividends information.
D)A statement of cash flows shows cash inflows and outflows from operating,investing,and financing activities.

Question

Quizplus · Accepted Answer

A statement of stockholders' equity reports changes in stockholders' equity such as issuing or buying back shares, and changes in retained earnings such as net income and dividends declared. It does not report revenues.

Which of the Following Statements Regarding Financial Reports Is Not