Which of the following is characteristic of a financial statement?

Question

Quizplus · Accepted Answer

A statement of cash flows is the only financial statement among the choices that provides information about cash flows from operating, investing, and financing activities. A balance sheet reports assets, liabilities and equity at a specific date, not net income. An income statement reports revenues, expenses, and net income over a period of time, not on an accrual basis. A statement of retained earnings reports changes in retained earnings, including net income and dividends, not cash flows.

Which of the Following Is Characteristic of a Financial Statement