The four financial statements used to report a company's financial condition include ________.
A)balance sheet,income statement,statement of changes in shareholders' equity,and statement of cash flows
B)changes in balance sheet,statement of flows,statement of changes in balances,and statement of cash flows
C)balance sheet,statement of earnings,statement of changes in shareholders' equity,and statement of budgets
D)income sheet,balance of earnings,statement of changes in shareholders' equity,and statement of cash flows

Question

Quizplus · Accepted Answer

The balance sheet provides information on a company's assets, liabilities, and equity at a specific point in time. The income statement shows a company's revenues, expenses, and net income over a period of time. The statement of changes in shareholders' equity tracks changes in equity accounts like common stock and retained earnings. The statement of cash flows reports on a company's cash inflows and outflows during a period of time. Together, these four statements give a complete picture of a company's financial condition.

The Four Financial Statements Used to Report a Company's Financial