Which Report Is NOT a Financial Statement

question 52

Multiple Choice

Which report is NOT a financial statement?

• A) income statement
• B) tax return
• C) balance sheet
• D) statement of cash flows

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Definitions:

Current Ratio

A liquidity ratio that measures a company’s ability to pay short-term obligations or those due within one year, calculated as current assets divided by current liabilities.

Financial Crisis

A situation characterized by a significant decline in the value of financial institutions or assets, leading to a loss of confidence and potentially economic downturns.

Fair Value Accounting

A method of accounting that measures and reports certain assets and liabilities at their estimated market values at the time of the financial statement.

Mark-to-Market

An accounting method that values assets and liabilities based on current market prices.