Match the financial statement that goes with each term.
-Shows the financial condition of an accounting entity as of a particular date.
A)income statements
B)notes
C)balance sheet
D)statement of cash flows
E)statement of retained earnings (reconciliation of retained earnings)

Question

Quizplus · Accepted Answer

The balance sheet is a financial statement that shows the financial condition of an accounting entity as of a particular date, typically the end of a reporting period. It presents a snapshot of the company's assets, liabilities, and equity at a given point in time.

The income statement (A) shows the revenues and expenses of an accounting entity over a period of time, typically a quarter or a year. It shows the entity's profitability and how effectively it has managed its revenues and expenses.

Notes (B) are disclosures in the financial statements that provide additional information about the underlying accounting data. They can include explanations of accounting policies, details of significant transactions or events, and other relevant information.

The statement of cash flows (D) shows the inflows and outflows of cash and cash equivalents of an accounting entity over a period of time. It reconciles the beginning and ending cash balances and provides information about the entity's operating, investing, and financing activities.

The statement of retained earnings (E) is a reconciliation of the beginning and ending balances of retained earnings for an accounting entity over a period of time. It shows how the entity's net income, dividends, and other adjustments have affected its retained earnings balance.

Match the Financial Statement That Goes with Each Term