Match the financial statement that goes with each term.
-Summarizes the results of operations for a particular period of time.
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

An income statement summarizes a company's revenues and expenses for a specific period of time (usually a quarter or a year) and shows the net profit or loss for that period.

Answer: B 
 Notes are additional information included with financial statements. They can provide further detail about specific items on the statements or explain the accounting policies used.

Answer: C 
 A balance sheet is a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and equity.

Answer: D 
 A statement of cash flows reports a company's cash inflows and outflows over a specific period of time. It helps investors and analysts understand how a company generates and uses its cash.

Answer: E 
 The statement of retained earnings (also known as the reconciliation of retained earnings) shows changes in a company's retained earnings balance over a specific period of time. It typically includes details about net income, dividends paid, and other factors that can impact the retained earnings balance.

Match the Financial Statement That Goes with Each Term