Four Financial Statements Are Usually Prepared for a Business

question 199

Multiple Choice

Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The statement of owner's equity (OE) , the balance sheet (B) , and the income statement (I) are prepared in a certain order to obtain information needed for the next statement. In what order are these three statements prepared?

• A) I,OE, B
• B) B, I, OE
• C) OE, I, B
• D) B,OE, I

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Definitions:

Arteries

Blood vessels that carry oxygen-rich blood from the heart to the tissues of the body.

Coronary Artery Disease

A heart condition characterized by the narrowing of the coronary arteries, leading to a reduced blood supply to the heart muscle.

Cardiovascular Disease

A class of diseases that involve the heart or blood vessels, such as coronary artery disease, hypertension, and stroke, often related to a buildup of fatty deposits in the arteries.

Stroke

A medical condition that occurs when the blood supply to part of the brain is interrupted or reduced, preventing brain tissue from getting oxygen and nutrients.