Which Report Is Not an Output of the Financial Reporting

question 9

Multiple Choice

Which report is not an output of the Financial Reporting System (FRS) ?

• A) variance analysis report
• B) statement of cash flows
• C) tax return
• D) comparative balance sheet

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Definitions:

Loan Payable

Loan Payable is the liability account in a company’s balance sheet representing the amount owed to lenders that must be paid back in the future.

Interest Income

Income earned from the lending of funds or through investment in interest-bearing financial instruments.

Accrued Interest Receivable

Interest that has been earned but not yet received in cash, representing an asset on the balance sheet.

Notes Receivable-Perez

A note receivable account representing money owed to the entity by Perez, typically documented through a formal promissory note.