Basic financial statements exclude

Question

Quizplus · Accepted Answer

Management's discussion and analysis (MD&A) is not considered one of the basic financial statements. Instead, it is a supplementary section that provides context and explanations for the financial statements, helping users understand the financial condition and results of operations. Basic financial statements typically include the statement of financial position (or balance sheet), statement of comprehensive income (or income statement), statement of changes in equity, statement of cash flows, and notes to the financial statements.

Basic Financial Statements Exclude