Which of the following is a yearly document that describes a company's financial status and usually discusses a company's financial activities during the past year and its prospects for the future?
A) an earnings report
B) a trial balance
C) an annual report
D) a company summary

Question

Quizplus · Accepted Answer

An annual report is a document that companies produce on a yearly basis to discuss their financial status and activities during the past year. It typically includes financial statements, a management discussion and analysis section, and information on the company's operations and future prospects. Option A is incorrect because an earnings report typically only provides information on a company's revenue and profits for a specific period, and is not as comprehensive as an annual report. Option B is incorrect because a trial balance is a tool used by accountants to ensure that the debits and credits in a company's accounting system are balanced, and is not a document that is commonly shared with external stakeholders. Option D is incorrect because a company summary does not provide enough information about a company's financial status and activities to be considered equivalent to an annual report.

Which of the Following Is a Yearly Document That Describes