Which of the Three Main Financial Statements Was Chronologically the Last

question 61

Multiple Choice

Which of the three main financial statements was chronologically the last to be required to be included as part of the external financial reports?

• A)Statement of comprehensive income.
• B)Statement of financial position.
• C)Statement of cash flows.
• D)None, all three reports have always been required to be included in external financial reports.

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Definitions:

Potential Trends

Emerging patterns or changes in industries, technology, consumer behavior, or the global economy that could influence future developments.

Regulatory Force

External forces, often in the form of government laws, regulations, and policies, that can impact a business’s operations and its approach to the market.

Environmental Scanning

The process by which businesses monitor and analyze their external environment to identify opportunities and threats.

Technological Environmental Force

Influences in the business environment resulting from changes in technology, impacting how products are produced, marketed, and distributed.