Which of the following statements is CORRECT? a. The four most important financial statements provided in the annual report are the balance sheet, income statement, cash budget, and statement of stoc | Homework.Study.com (2024)

FAQs

What are the 4 key financial statements? ›

There are four basic types of financial statements used to do this: income statements, balance sheets, statements of cash flow, and statements of owner equity.

“Show me the money!”

They show you the money. They show you where a company's money came from, where it went, and where it is now. There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity.

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.

4 types of general purpose financial reporting

The four types of financial statements include Balance Sheet, Cash Flow Statement, Income Statement, and Retained Earnings Statement.

The components of Financial Statements are the building blocks that together form the Financial Statements and help understand the business's financial health. And consists of an Income Statement, Balance Sheet, Cash Flow Statement, and Shareholders' Equity Statement.

The income statement shows a company's expense, income, gains, and losses, which can be put into a mathematical equation to arrive at the net profit or loss for that time period.

The Statement of Cash Flow.

The income statement, which is sometimes called the statement of earnings or statement of operations, is prepared first. It lists revenues and expenses and calculates the company's net income or net loss for a period of time.

The cash flow statement is broken down into three categories: operating activities, investment activities, and financing activities.

The audit report is not one of the four basic financial statements.

What is a four balance sheet? ›

The four balance sheet challenge includes challenges of 4 different sectors – real estate companies, Non-Banking Financial Companies (NBFCs), and the original two sectors viz., banks, and infrastructure companies.

For-profit primary financial statements include the balance sheet, income statement, statement of cash flow, and statement of changes in equity.

Your annual report should include four main components: the chairman's letter, a profile of your business, an analysis of your management strategies, and your financial statements.

The correct answer is a. Income statement, statement of stockholders' equity, balance sheet, statement of cash flows.

The major elements of the financial statements (i.e., assets, liabilities, fund balance/net assets, revenues, expenditures, and expenses) are discussed below, including the proper accounting treatments and disclosure requirements.