Which one of the following is the only permanent financial statement?
A) Balance sheet
B) Income statement
C) Statement of changes in equity
D) Statement of cashflows

Question

Quizplus · Accepted Answer

The balance sheet is the only permanent financial statement as it provides a snapshot of the company's financial position at a specific point in time. The income statement, statement of changes in equity, and statement of cash flows all show how the company has performed over a period of time, and are therefore not considered permanent.

Which One of the Following Is the Only Permanent Financial