Financial statements are prepared after an entity's transactions are analysed and recorded.Which of the following reports is NOT one of the required financial statements?

Question

Quizplus · Accepted Answer

The statement of drawings is not a required financial statement in generally accepted accounting principles (GAAP). It is, however, common for smaller businesses to include this statement to track owner withdrawals. The three required financial statements under GAAP are the income statement, balance sheet, and cash flow statement.

Financial Statements Are Prepared After an Entity's Transactions Are Analysed