Which Statement Is NOT True About Financial Statements

question 22

Multiple Choice

Which statement is NOT true about financial statements?

• A) All companies prepare balance sheets, income statements, and statements of cash flow.
• B) Some companies prepare only balance sheets and income statements.
• C) Public firms, according to the Securities and Exchange Commission, must issue a statement of cash flows.
• D) Financial statements fall into three broad categories: balance sheets, income statements, and statements of cash flows.

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Definitions:

Mental Health Organizations

Institutions that provide resources, support, advocacy, and research for individuals dealing with mental health challenges and their families.

Homosexuality

The quality or characteristic of being sexually attracted solely to people of one's own gender.

Committed Relationship

A long-term partnership between individuals who agree to be dedicated to each other in various ways, often characterized by love, trust, and mutual respect.

Value Judgment

An assessment or opinion based on personal views about what is important or valuable in life, rather than on factual evidence.