Which of These Statements Summarizes the Results of a Company's

question 113

Multiple Choice

Which of these statements summarizes the results of a company's operations?

• A) statement of cash flows
• B) statement of retained earnings
• C) balance sheet
• D) income statement

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Definitions:

Holding Gains

Holding gains are the increased values of assets that a company holds, realized when the asset is sold or revalued.

FIFO Cost Flow

An inventory valuation method where the cost of the earliest goods purchased are the first to be recognized as cost of goods sold.

Net Income

This refers to the amount of money a company earns after subtracting all its expenses, taxes, and costs from its total revenue.

Ending Inventory Value

The total value of all the goods available for sale at the end of a financial period.