Which of the following is not one of the four basic financial statements? (2024)

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

Solution Summary: The author explains that the Audit Report is not one of the four basic financial statements. The balance sheet, income statement, statement of retained earnings, and cash flow statement are the other options.

Which is not one of the four basic financial statements?

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

What are the 4 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.

What are the four 4 elements of financial statement?

Financial statements can be divided into four categories: balance sheets, income statements, cash flow statements, and equity statements.

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

Explanation for correct answer:

Statement of owner's investments is not one of the financial statements.

Which is not one of the three main financial statements?

Experts have been vetted by Chegg as specialists in this subject. The statement of retained earnings is NOT one of the three primary financial statements.

Which of the following are the basic financial statements except?

Correct answer : Option (e) Statement of Cash Flows is the correct answer because the basic financial statements include Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows, but does not include the Statement of Changes in Assets.

What are the 4 basic financial statements in order of preparation?

The four financial statements (in order of preparation) are the income statement, statement of retained earnings (or statement of shareholders' equity), balance sheet, and statement of cash flows.

What are the basics of financial statements?

Financial statements are written records that illustrates the business activities and the financial performance of a company. In most cases they are audited to ensure accuracy for tax, financing, or investing purposes.

What are 3 main 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.

What is the fourth 4th step in financial statement analysis?

4. Move on to More Advanced Work. Finally, she is ready to move on to more advanced work, which means choosing more complex financial ratios alongside scenario analysis, stress tests, margin of safety calculations, discounted cashflow valuations, and industry or target benchmarking.

What are the 5 elements of the financial statements?

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.

Which of the 4 basic financial statements have the following key elements operating activities financing activities and investing activities?

The cash flow statement is the least important financial statement but is also the most transparent. The cash flow statement is broken down into three categories: Operating activities, investment activities, and financing activities.

Which of the following is not included on an income statement?

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.

Which of the following is not one of the financial statements that must be produced?

Answer and Explanation:

The statements of activities are not one of the statements that a company is mandated to prepare. The statements of activities would indicate the activities that the firm has been engaged in.

Which of the following is not part of the financial statement?

Answer and Explanation: The correct answer is D. Trial Balance.

Which of these is not a main type of financial statement?

Answer and Explanation:

A revenue statement is not a basic financial statement.

Are there 3 or 4 financial statements?

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

Which of the following are major financial statements?

There are 3 major financial statements to understand: profit and loss statement. balance sheet. cash flow statement.

What is the correct order of the financial statements?

Which of the following is the correct order of preparing the financial statements?

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

How do you prepare basic financial statements?

What is the most important financial statement?

The income statement will be the most important if you want to evaluate a business's performance or ascertain your tax liability. The income statement (Profit and loss account) measures and reports how much profit a business has generated over time. It is, therefore, an essential financial statement for many users.

What is the most important line on the balance sheet?

Many experts believe that the most important areas on a balance sheet are cash, accounts receivable, short-term investments, property, plant, equipment, and other major liabilities.

Which 2 of the 3 financial statements is most important?

Another way of looking at the question is which two statements provide the most information? In that case, the best selection is the income statement and balance sheet, since the statement of cash flows can be constructed from these two documents.