BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Balance Sheet
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Audit Report
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Income Statement
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Statement of Cash flows
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Detailed explanation-1: -Answer and Explanation: The correct option is (c) Retained earnings statement.
Detailed explanation-2: -For-profit businesses use four primary types of financial statement: the balance sheet, the income statement, the statement of cash flow, and the statement of retained earnings.
Detailed explanation-3: -The elements of the financial statements are the assets, liabilities, revenue, gain, losses, etc. The balance sheet is a financial statement not an element of the financial statement.
Detailed explanation-4: -There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity.
Detailed explanation-5: -The statement of cash flows is not one of the basic financial statements. Cash, as the term is used for the statement of cash flows, could indicate either cash or cash equivalents. The statement of cash flows is an optional financial statement.