What Are the Two Basic Summary Financial Statements That Provide

question 15

Multiple Choice

What are the two basic summary financial statements that provide information about a firm's revenues, expenses, assets, and liabilities?

• A)the cash flow statement and the statement of retained earning
• B)the income statement and the cash flow statement
• C)the statement of retained earning and the balance sheet
• D)the balance sheet and the cash flow statement
• E)the income statement and the balance sheet

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Definitions:

Occupational Safety and Health Act

A law enacted to ensure safe and healthful working conditions for employees by setting and enforcing standards and providing training, outreach, education, and assistance.

Securities Act

A U.S. law enacted in 1933 that requires transparency in the sale of securities to protect investors from fraud and misleading information.

Hazards

Potential sources of harm or adverse health effects on individuals or populations, often categorized as physical, chemical, biological, ergonomic, or psychosocial.

Worker's Compensation System

A form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for negligence.