Solved

For Each Financial Statement Match It with the Best Description

Question 103

Matching

For each financial statement match it with the best description to it.

Premises:

Responses:

Balance sheet

Assets, liabilities, and shareholders’ equity

Income statement

Increased by net income and decreased by dividends

The retained earnings section of the statement of shareholders’ equity

Operating, investing, and financing activities

Statement of cash flows

Revenues less expenses

Premises:

Balance sheet

Income statement

The retained earnings section of the statement of shareholders’ equity

Statement of cash flows

Responses:

Assets, liabilities, and shareholders’ equity

Increased by net income and decreased by dividends

Operating, investing, and financing activities

Revenues less expenses

Correct Answer:

Premises:

Responses:

Balance sheet

Income statement

The retained earnings section of the statement of shareholders’ equity

Statement of cash flows

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