The basic financial statements include all of the following except: a) Balance Sheet. b) Income Statement. c) Statement of Retained Earnings. d) Statement of Cash Flows. e) Statement of Changes in Assets. | Homework.Study.com (2024)

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The basic financial statements include all of the following except: a) Balance Sheet. b) Income Statement. c) Statement of Retained Earnings. d) Statement of Cash Flows. e) Statement of Changes in Assets. | Homework.Study.com? ›

Answer and Explanation:

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.

The three main types of financial statements are the balance sheet, the income statement, and the cash flow statement. These three statements together show the assets and liabilities of a business, its revenues, and costs, as well as its cash flows from operating, investing, and financing activities.

Answer and Explanation:

A revenue statement is not a basic financial statement.

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

The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a company's financial strength and provide a quick picture of a company's financial health and underlying value.

Statement of financial position (balance sheet); Statement of income and expense (profit and loss account); Statement of cash flows (cash flow statement); Statement of changes in equity; and.

A Funds Flow Statement is a financial document that analyses a company's Balance Sheet of two years to validate the movement of funds from the previous financial year to the current year.

Cash inflows are the amounts of cash coming into a business as a result of its activities. The amount of money coming in is recorded within the cash flow statements and it may be a result of the sale of assets, business investments, or financing.

What is the basic income statement? ›

The basic income statement shows how much revenue a company earned (or lost) over a specific period (usually for a year or some portion of a year). An income statement also shows the costs and expenses associated with earning that revenue. Another term for an income statement is a profit and loss statement.

Financial statements in cash basis accounting

Balance sheet: A cash basis balance sheet does not include certain assets and liabilities. Accounts payable and accounts receivable are also not included on the balance sheet in cash accounting.

The income statement includes revenue, expenses, gains and losses, and the resulting net income or loss. An income statement does not include anything to do with cash flow, cash or non-cash sales. Revenue. Revenue is the total income during the accounting period.

Financial statements include the balance sheet, the income statement and the cash flow statement. Business owners, creditors, investors and market analysts use these reports to review a company's financial performance and project potential earnings.

The balance sheet, income statement, and cash flow statement each offer unique details with information that is all interconnected. Together the three statements give a comprehensive portrayal of the company's operating activities.

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

The four financial statements are all based on a mathematical equation, which states that the dollar value of a company's assets equals the dollar value of its liabilities plus the dollar value of its shareholders' equity. In fact, the balance sheet is a statement of this equation.

What are the four financial statements? Balance Sheet, Income Statement, Statement of Cash-flows, and Statement of Stockholder's Equity.