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Which of the following is not one of the four basic financial statements? (a) Balance sheet (b)...

Question:

Which of the following is not one of the four basic financial statements?

(a) Balance sheet

(b) Statement of cash flows

(c) Retained earnings statement

(d) Income statement.

Financial Statements:

Financial statements are prepared periodically so that the stakeholders of the business get an idea about the performance of the business in reported period and an insight of the fiscal health of the business. They are generally prepared annually but can also be prepared for a shorter period.

Answer and Explanation: 1

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The correct option is (c) Retained earnings statement.

The four basic financial statements are-

  • Balance Sheet
  • Income Statement
  • Statement of Cash...

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Preparing Financial Statements

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Chapter 4 / Lesson 7
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Learn how to prepare financial statements, such as the balance sheet. See which financial statement is prepared first and see how the adjusted trial balance is used.


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