Which of the following statements regarding financial reports is not correct?
A)A balance sheet contains assets,liabilities,and stockholders' equity information.
B)An income statement shows revenues and expenses.
C)A statement of stockholders' equity reports revenues,net income,and dividends information.

Question

Quizplus · Accepted Answer

A statement of stockholders' equity reports changes in the stockholders' equity accounts, including common stock and retained earnings, as well as any dividends issued. It does not report revenues or net income.

Which of the Following Statements Regarding Financial Reports Is Not