Which of the Following Documents Would Most Likely Come from a Planning

question 43

Multiple Choice

Which of the following documents would most likely come from a planning strategy meeting?

• A) income statement
• B) flow of cash statement
• C) balance sheet
• D) budget
• E) statement of projected earnings

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Definitions:

IFRS

International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide how financial events are reported in financial statements globally.

GAAP

Generally Accepted Accounting Principles, standard guidelines and procedures for financial accounting and reporting in the U.S.

Indirect Method

A method used in cash flow statements where net income is adjusted for items that affected reported net income but did not result in an actual cash flow.

Direct Method

A cash flow statement presentation that lists actual cash inflows and outflows from operating activities.