Which financial statement is typically prepared first?
A)Balance sheet.
B)Income statement.
C)Statement of stockholders' equity.

Question

Quizplus · Accepted Answer

The income statement is typically prepared first as it shows the company's revenue and expenses over a specific period of time, usually a month or a year. This helps the company determine its net income or loss and provides valuable information for preparing the other financial statements.

Which Financial Statement Is Typically Prepared First