Which of the financial statements recognizes only transactions in which cash changes hands
A)Balance sheet
B)Income statement
C)Statement of cash flows
D)Balance sheet and income statement
E)All of the options

Question

Quizplus · Accepted Answer

The Balance Sheet and Income Statement are based on accrual accounting methods.Revenues and expenses are recognized when they are incurred regardless of whether cash is involved.

Which of the Financial Statements Recognizes Only Transactions in Which