A Complete Set of Financial Statements for Citywide Company,at December

question 107

Multiple Choice

A complete set of financial statements for Citywide Company,at December 31,2018,would include each of the following,except:

• A)Balance sheet as of December 31,2018.
• B)Income statement for the year ended December 31,2018.
• C)Statement of projected cash flows for 2019.
• D)Notes containing additional information that is useful in interpreting the financial statements.

---

Definitions:

Variable Costs

Costs that vary in total dollar amount as the level of activity changes.

Short-Run Price

The price level of goods or services in a market that is determined over a short period, where some costs can be considered fixed.

Special Price

A discounted rate offered for a product or service outside of its standard pricing.

Differential Cost

The difference in total cost that will result from selecting one alternative over another in decision-making processes.