The financial statement that summarizes the changes in contributed capital and retained earnings for a specific period of time is the

Question

Quizplus · Accepted Answer

The statement of changes in equity provides information about the changes in the company's equity accounts, including contributed capital and retained earnings, over a specific period of time. It shows how these accounts have been affected by transactions such as issuing stock, paying dividends, and generating net income or loss. The statement of cash flows summarizes the company's cash inflows and outflows for a period, while the statement of financial position (also known as the balance sheet) shows the company's financial position at a specific point in time. The statement of earnings (also known as the income statement) summarizes the company's revenues and expenses for a period to determine its net income or loss.

The Financial Statement That Summarizes the Changes in Contributed Capital