Which type(s) of companies prepare income statements and balance sheets?

Question

Quizplus · Accepted Answer

All types of companies prepare income statements and balance sheets. These two financial statements are essential for businesses to analyze their financial performance and evaluate their financial health. Whether it is a service company that provides services to its clients, a merchandising company that buys and sells products, or a manufacturing company that produces goods, all of them need to prepare income statements and balance sheets to keep track of their income, expenses, assets, liabilities, and equity.

Which Type(s) of Companies Prepare Income Statements and Balance Sheets