Which of the following statements is NOT correct about the financial statements?
A)An income statement reports revenues,expenses,and net income information.
B)The statement of stockholders' equity presents common stock,dividends,and retained earnings information.
C)A balance sheet reports assets,liabilities,revenues,and expenses.
D)The statement of cash flows shows cash inflows and outflows from operating,financing,and investing activities.

Question

Quizplus · Accepted Answer

A balance sheet reports assets and liabilities, as well as the shareholders' equity section. It does not report revenues and expenses, as those are reported on the income statement.

Which of the Following Statements Is NOT Correct About the Financial