Refer to the information about financial statements below. 1. The statement provides information about resources consumed during
Question:
Refer to the information about financial statements below.
1. The statement provides information about resources consumed during an accounting period.
2. The statement is dated as of a specific point in time.
3. The amounts that are owed to other organizations or individuals are reported.
4. The total amount of capital that has been contributed to the organization is reported.
5. The cash used for investing activities is reported.
6. Information is reported regarding the rewards that have been earned from serving customers during the accounting period just ended.
7. The cash received from financing activities is reported.
8. The statement is not as of a specific date, but covers a period of time.
9. The statement contains information about the financial obligations that were made to acquire resources.
10. The statement reports cash inflows and outflows.
Required
For each item above, indicate the financial statement for which the information is true. Use
I to indicate income statement,
B to indicate balance sheet,
C to indicate cash flow statement.
If an item is not true for any of the three financial statements, indicate with an N.
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Step by Step Answer:
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright