In Filing Its Financial Statements with the SEC,a Company Must

question 23

True/False

In filing its financial statements with the SEC,a company must tag five basic financial statements,which include a balance sheet,income statement,statement of comprehensive income,statement of cash flows and statement of stockholder's equity.

---

Definitions:

Profits and Losses

The financial gains or losses a company experiences, usually measured over a specific period of time.

Partnership Liquidation

The process of closing a partnership by distributing its assets to settle debts and then to the partners according to their ownership interests.

Gains and Losses

Financial terms referring to the positive or negative changes in value of investments or assets relative to their original purchase price.

Liquidation Gain/Loss

The financial result realized when the assets of a company are sold off or liquidated.