The Annual Report Contains All of the Following Financial Statements

question 41

Multiple Choice

The annual report contains all of the following financial statements except

• A)income statement.
• B)statement of changes in long-term financing.
• C)statement of cash flows.
• D)balance sheet.
• E)statement of retained earnings.

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Definitions:

Partial Balance Sheet

A financial statement that shows a subset of the assets, liabilities, and equity of a company at a specific point in time.

Total Current Assets

The value of all assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of the business.

Journalize Transactions

The process of recording financial transactions in the journal as part of the accounting cycle.

Accounts Receivable Turnover

A financial ratio that measures how many times a company can turn its accounts receivable into cash during a period.