If a Company Issues Both a Balance Sheet and an Income

question 64

Multiple Choice

If a company issues both a balance sheet and an income statement with comparative figures from last year,a statement of cash flows:

• A) is no longer necessary;but may be used at the company's option.
• B) should not be issued.
• C) should be issued for the current year only.
• D) should be issued for each period for which an income statement is presented.

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Definitions:

Ratios

A mathematical relation between two numbers showing how many times the first number contains the second.

Visual Distortion

Visual distortion involves the alteration of visual perception, where what is seen does not correspond to the physical reality, often due to specific conditions or effects in photography, art, and displays.

Bar Chart

A graphical representation of data using bars of varying heights or lengths to compare different categories of information.

Quantitative Axis

A graphical representation axis that displays numerical information, often used in data analysis and statistics.