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A. Balance sheet, income statement, statement of retained earnings, and statement of
changes in retained earnings.
B. Statement of financial position, income statement, statement of retained earnings,
and statement of changes in retained earnings.
C. Balance sheet, statement of financial position, income statement, and statement of
changes in retained earnings.
D. Statement of financial position, income statement, statement of cash flows, and
statement of retained earnings.
d- Income Statement , Balance Sheet , Cash Flow statement , and Retained Earnings statement
Basic financial statements include Statement of financial position, income statement, statement of cash flows, and statement of changes of Equity.
Option D is the correct answer:
The basic FS includes Statement of financial position or balance sheet, income statement or statement of comprehensive income , statement of cash flows, and statement of retained earnings. And the presentation is usually composed of two financial year (current & last year FS) to facilitate comparison.
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D. Statement of financial position, income statement, statement of cash flows, and
statement of retained earnings.
(D) is the Correct Ans.
These are the components of Financial Statements.
Basic financial statement includes these four.1. Income Statement,2. Balance Sheet,3. Statement of Retained Earning and4. Statement of Cash Flow
What are the effects and changes in the basic financial statements!
