Which financial is the first to be prepared?
A)balance sheet
B)statement of income
C)statement of shareholders' equity
D)statement of comprehensive income

Question

Quizplus · Accepted Answer

The statement of income, also known as the income statement or profit and loss statement, is the first financial statement that is prepared. This statement shows the company's revenues and expenses over a specific period of time, typically a month or a year, and calculates the resulting net income or loss.

Which Financial Is the First to Be Prepared