Which of these statements is not one of the financial statements?
A. income statement
B. balance sheet
C. statement of
D. statement of owner investments
Concept introduction:
Financial statements:
Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.
To choose:
The Statement that is not one of the financial statements
Answer to Problem 1MC
Statement of owner’s investments
Explanation of Solution
Explanation for correct answer:
Statement of owner’s investments is not one of the financial statements. Hence the correct option is d.
Explanation for incorrect answers:
A. Income Statement is one of the financial statements. Hence this option is incorrect.
B. Balance Sheet is one of the financial statements. Hence this option is incorrect.
C. Statement of Cash Flows is one of the financial statements. Hence this option is incorrect.
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