The principal financial statements of a corporation are the balance sheet,income statement,and statement of cash flows.

Question

Quizplus · Accepted Answer

This is true. The balance sheet shows the company's assets, liabilities, and equity at a specific point in time; the income statement shows the company's revenue, expenses, and profit over a period of time; and the statement of cash flows shows the inflows and outflows of cash over a period of time.

The Principal Financial Statements of a Corporation Are the Balance