Which of the Following Is Not One of the Formal

question 41

Multiple Choice

Which of the following is not one of the formal financial statements that is made available to all users of the financial statements.

• A)Income Statement
• B)Trial Balance
• C)Statement of Owner's Equity
• D)Balance Sheet

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Definitions:

Implied-in-fact Contract

is an agreement derived from the actions, conduct, or circumstances of the parties involved, rather than from explicit written or spoken terms.

Negotiable Instrument

An official document that assures the payment of a fixed sum of money, payable either on demand or at a designated time, with the document bearing the name of the person obligated to pay.

Letter of Credit

A financial document issued by a bank that guarantees a buyer's payment to a seller within a specified timeframe.

Certificate of Deposit

A time-bound deposit held at a bank or financial institution that offers a fixed rate of interest.