Four Financial Statements Are Usually Prepared for a Business

question 61

Multiple Choice

Four financial statements are usually prepared for a business.The statement of cash flows is usually prepared last.The retained earnings statement (RES) ,the balance sheet (B) ,and the income statement (I) are prepared in a certain order to obtain information needed for the next statement.In what order are these three statements prepared?

• A) I,RES,B
• B) B,I,RES
• C) RES,I,B
• D) B,RES,I

---

Definitions:

Lower South

Refers to the southeastern region of the United States, particularly states like South Carolina, Georgia, Alabama, Mississippi, and Louisiana, known for its distinct historical, cultural, and economic characteristics, including its role in the antebellum period and Civil War.

1865 Elections

The 1865 Elections refer to the political elections held in various countries; in the United States, these did not occur due to the Civil War's end and Reconstruction's beginning, which focused instead on state re-admission and rebuilding.

Southern Economy

Refers to the economic structure and practices of the Southern United States, historically based on agriculture and slave labor.

Congress

The primary legislative body of the United States, consisting of the Senate and the House of Representatives.