Question

the four basic financial statements are: multiple choice income statement, sheet of retained earnings, balance statement, and statement of cash flows. income statement, statement of earnings, balance statement, and statement of cash flows. income sheet, statement of retained earnings, balance sheet, and statement of cash flows. income statement, statement of retained earnings, balance sheet, and statement of cash flows.

Answer 1

The four basic financial statements are: C. income sheet, statement of retained earnings, balance sheet, and statement of cash flows.

The four basic financial statements.

In Financial accounting, there are four (4) basic financial statements and these include the following:

1. Income sheet
2. Statement of retained earnings
3. Balance sheet
4. Statement of cash flows

What is an income statement?

An income statement can be defined as a type of financial statement which is typically used by an entrepreneur or business firm to record the amount of money (revenues) that are entering or flowing into the business.

What is a statement of cash flows?

A statement of cash flows is also referred to as cash flow statement and it can be defined as a type of financial statement which illustrate how changes in income and various account of the balance sheet affect cash and other cash equivalents.

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