Which of the Following Statements Regarding Financial Reports Is Not

question 97

Multiple Choice

Which of the following statements regarding financial reports is not correct?

• A)A balance sheet contains assets,liabilities,and stockholders' equity information.
• B)An income statement shows revenues and expenses.
• C)A statement of stockholders' equity reports revenues,net income,and dividends information.
• D)A statement of cash flows shows cash inflows and outflows from operating,investing,and financing activities.

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Definitions:

Operating Costs

Expenses associated with the ongoing operations of a business, such as wages, rent, and utilities, excluding costs linked to producing goods.

Computer System

An integrated set of hardware and software designed to process, manage, and store data.

Capital Cost Allowance (CCA)

A tax deduction in Canada that represents a business’s investment in depreciable property.

Earnings Before Interest And Taxes

A measure of a firm's profitability that includes all income and expense items except interest and income tax expenses.