Which of the Following Financial Statements Is Used to Report

question 197

Multiple Choice

Which of the following financial statements is used to report the economic resources, debt, and overall financial position of a company?

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

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Definitions:

Echinoderms

Phylum of spiny-skinned marine deuterostome invertebrates characterized by a water vascular system and tube feet; include sea stars, sea urchins, and sea cucumbers.

Segmentation

A body plan in which the body is divided into a series of compartments (segments).

Deuterostomia

Deuterostomia is a major division of the animal kingdom that includes groups like the chordates and echinoderms, characterized by the developmental feature in which the anus forms from the first opening in the embryo, with the mouth forming later.

Protostomes

A major group of animals in which the mouth develops from the first opening in the embryo, with examples including mollusks, annelids, and arthropods.