Financial statements and reports

What happened to assets, earnings, dividends, and cash flows during the financial year?

Accounting practice in the United States follows the generally accepted accounting principles $($GAAP$)$ developed by the Financial Accounting Standards Board $($FASB$),$ which is a nongovernmental, professional standards body that monitors accounting practices and evaluates controversial issues. The Securities and Exchange Commission $($SEC$)$ requires all publicly traded companies to periodically report their financial information.

A publicly held corporation must publish an annual report that contains the balance sheet, income statement, statement of cash flows, statement of retained earnings, and other financial information for analysis.

The following table lists descriptions of the major financial statements and reports that a firm publishes. Identify the correct statement or report for each description.

Description

Statement or Report

Has three segments that when analyzed together give an idea of what the company owns and what it owes.

Gives details about the company's cash at the beginning of the year and what is left at the end of the year, including some details about where cash was generated and where it was used during the course of the year.

Accounts for all revenues and expenses over an accounting period.

Details changes in the capital received from investors in exchange for stock $($paid$-$in capital$),$ donated capital, and retained earnings.

Is required by the SEC and includes the audited document that shows the company's financial results for the past year and management's discussion about the future outlook