Which is the first financial statement that should prepared after the adjusted trial balance has been prepared?

Question

Quizplus · Accepted Answer

The Income Statement is the first financial statement that should be prepared after the adjusted trial balance has been prepared. This is because it shows the revenue and expenses for a specific period of time, which is important for determining the net income or loss for the period. The other financial statements (Balance Sheet, Statement of Cash Flows, and Statement of Retained Earnings) rely on information from the Income Statement to be accurately prepared.

Which Is the First Financial Statement That Should Prepared After