Which of the Following Is Generally Not Considered One of the General

question 70

Multiple Choice

Which of the following is generally not considered one of the general purpose financial statements issued by a corporation?

• A)Income statement forecast for the coming year.
• B)Balance sheet.
• C)Statement of financial position.
• D)Statement of cash flows.

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Definitions:

Accumulated Depreciation

The total amount of depreciation for a fixed asset that has been charged to expense since that asset was acquired and put into use.

Fair Market Value

The estimated price at which an asset would change hands between a willing buyer and a willing seller, with both parties having reasonable knowledge of all relevant facts and neither being compelled to buy or sell.

Accounts Payable

Accounts payable are liabilities or money owed by a company to its creditors for goods and services received.

Uniform Partnership Act

Laws enacted in most states that govern how a partnership is formed, operated, and liquidated.