Which of the Following Is a Main Report That Is

question 26

Multiple Choice

Which of the following is a main report that is considered an output of financial accounting?

• A) Balance sheet
• B) Statement of operations
• C) Statement of cash flows
• D) Statement of changes in net assets
• E) All of these are correct.

---

Definitions:

Holder in Due Course

A legal term referring to a person who has acquired a negotiable instrument in good faith and for value, and thus has certain rights above the original parties to the instrument.

Consideration

The value promised, given, or performed that motivates parties to enter into a contract, being essential for its validity.

Indorser

A person who endorses a negotiable instrument.

Rights

Entitlements or permissions, either granted by law or moral principles, allowing individuals to perform certain actions or to be treated in specific ways.