The Three Important Financial Statements Prepared by Accountants Are

question 220

Multiple Choice

The three important financial statements prepared by accountants are:

• A)Ledger,journal,and trial balance.
• B)Cash budget,capital budget,and master budget.
• C)Revenue summary,expense summary,and consolidation statement.
• D)Balance sheet,income statement,and statement of cash flows.

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Definitions:

Shipment Contract

A contractual agreement where the seller is obligated to transport goods to a specific destination, with risk passing to the buyer when the goods are delivered to the carrier.

F.O.B. Hilltop Farm

A shipping term indicating that the buyer assumes responsibility for the goods once they are shipped from Hilltop Farm.

Intrastate Trucking Company

A company that operates trucks only within the boundaries of a single state, not crossing any state lines.

Lost In A Fire

Describes items, possessions, or assets that have been destroyed or severely damaged due to a fire incident.