The financial statement which summarizes operating, investing, and financing activities of an entity for a period of time is the
A) Statement of cash flows.
B) Retained earnings statement.
C) Statement of financial position.
D) Income statement.

Question

Quizplus · Accepted Answer

The statement of cash flows provides information about the sources and uses of cash during a period of time and summarizes the entity's operating, investing, and financing activities. The retained earnings statement shows changes in the amount of retained earnings over a period of time, the statement of financial position (also known as the balance sheet) presents the financial position of an entity at a specific point in time, and the income statement summarizes revenues and expenses for a period of time.

The Financial Statement Which Summarizes Operating, Investing, and Financing Activities