The first financial statement to be prepared at the end of each accounting period is the ________.
A)balance sheet
B)income statement
C)statement of changes in shareholders' equity
D)statement of cash flows

Question

Quizplus · Accepted Answer

The income statement is the first financial statement to be prepared at the end of each accounting period, as it shows the company's revenue and expenses during that period, resulting in the net income or loss.

The First Financial Statement to Be Prepared at the End