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(a) A statement of cash fl ows summarizes information about the cash infl ows (receipts) and out flows (payments) for a specifi c period of time.
(b) A balance sheet reports the assets, liabilities, and
owner’s equity at a specifi c date.
(c) An income statement presents the revenues,
expenses, changes in owner’s equity, and resulting
net income or net loss for a specifi c period of time.
(d) An owner’s equity statement summarizes the
changes in owner’s equity for a specifi c period of
time
(c) An income statement presents the revenues,
expenses, changes in owner’s equity, and resulting
net income or net loss for a specifi c period of time.
It does not present changes in owners equity.It has only one element which has the effect on owner's equity. the same gets presented in the Statement of owner's equity.
number (c) is false income statement not contain change of changes in owners
c) An income statement presents the revenues,
expenses, changes in owner’s equity, and resulting
net income or net loss for a specifi c period of time
above statement is false bcz income statement presents only revenue and expens of the company not owner’s equity,
C. An income statement presents the revenues, expenses, changes in owners and resulting net income or net loss for a specific period of time.
B) is flash as the Income statement is represent the Revenue Income & expenditure for a particular period. It is not disclosed the Owners equity part. The Profit or Loss which is carried forward to Balance sheet.
C.....................................
