Which set of statements comprises the major output of financial accounting?
A) general journal, cash budget, and capital budget
B) annual report, social audit, and balanced scorecard
C) balance sheet, income statement, and statement of cash flows
D) dividend record, auditor's opinion, and master budget

Question

Quizplus · Accepted Answer

The balance sheet, income statement, and statement of cash flows are the major financial statements that summarize a company's financial performance and position. These statements provide information about the company's assets, liabilities, equity, income, expenses, and cash flows, which are important for decision-making by investors, creditors, and other stakeholders. The other options listed are not major outputs of financial accounting.

Which Set of Statements Comprises the Major Output of Financial