Which of the following statements does not present financial information based on the accrual basis of accounting?

Question

Quizplus · Accepted Answer

The statement of cash flows presents financial information based on the cash basis of accounting, which only records transactions when cash is involved. The other options (balance sheet, income statement, and statement of retained earnings) all present financial information based on the accrual basis of accounting, which records transactions when they occur, whether or not cash is involved at that moment.

Which of the Following Statements Does Not Present Financial Information