Which of the Following Is Not One of the Four

question 76

Multiple Choice

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

• A) balance sheet
• B) general-purpose financial statement
• C) cash flows statement
• D) statement of comprehensive income

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Definitions:

Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, visible in real GDP, real income, employment, industrial production.

Constitutional Amendment

A formal change or addition to a constitution, often requiring a specific process and approval to be enacted.

Budget Surpluses

Occurs when a government's revenues exceed its expenditures during a fiscal period, leading to extra funds.

Budget Deficits

A financial situation where expenditures exceed revenue.