Which of the following is not a type of financial statement? (2024)

Which of the following is not a type of financial statement?

Trial Balance" is NOT a financial statement.

What are the 4 financial statements?

What is not considered a financial statement?

Answer and Explanation: The correct answer is e. Revenue statement. A revenue statement is not a basic financial statement.

Which of these is not one of the financial statements?

Explanation for correct answer:

Statement of owner's investments is not one of the financial statements.

What are the types of financial statement?

For-profit businesses use four primary types of financial statement: the balance sheet, the income statement, the statement of cash flow, and the statement of retained earnings.

What are 3 main financial statements?

The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a company's financial strength and provide a quick picture of a company's financial health and underlying value.

What are the 4 basic financial statements in order of preparation?

The four financial statements (in order of preparation) are the income statement, statement of retained earnings (or statement of shareholders' equity), balance sheet, and statement of cash flows.

Which is not one of the 4 types of financial statements?

The audit report is not one of the four basic financial statements.

Which of the following are the types of financial statements except?

Answer and Explanation: Correct answer : Option (e) Statement of Cash Flows is the correct answer because the basic financial statements include Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows, but does not include the Statement of Changes in Assets.

What is not one of the three financial statements?

The statement of retained earnings is NOT one of the three primary financial statements.

What are the six 6 basic financial statements?

The basic financial statements of an enterprise include the 1) balance sheet (or statement of financial position), 2) income statement, 3) cash flow statement, and 4) statement of changes in owners' equity or stockholders' equity. The balance sheet provides a snapshot of an entity as of a particular date.

Which of the following is not a basic components of financial statements?

Answer: B) Balance sheet.

Explanation: The balance sheet is not a basic element of financial statements. It is one of the financial statements that reports assets, liabilities and equity. Losses and revenue are elements of an income statement.

What are the 5 statements of accounting?

Statement of financial position (balance sheet); Statement of income and expense (profit and loss account); Statement of cash flows (cash flow statement); Statement of changes in equity; and.

Are there 3 or 4 financial statements?

For-profit primary financial statements include the balance sheet, income statement, statement of cash flow, and statement of changes in equity.

What is in a financial statement?

They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time. Income statements show how much money a company made and spent over a period of time.

What are three 3 examples of financial statements used in financial forecasting?

The three financial statements are income sheets (profit and loss), balance sheets, and cash flow statements. Together they are known as a three-way forecast or a three-statement model.

Which of 3 main financial statements needs to be prepared first?

The income statement should always be prepared before other statements because it provides an overview of the company's revenue and expenses during a specific period. This information is used in preparing other reports such as balance sheets and cash flow statements.

Which of the 3 financial statement should be prepared first?

Income statement: This is the first financial statement prepared. The income statement is prepared to look at a company's revenues and expenses over a certain period, such as a month, a quarter, or a year.

What are the 5 methods of financial statement analysis?

There are five commonplace approaches to financial statement analysis: horizontal analysis, vertical analysis, ratio analysis, trend analysis and cost-volume profit analysis.

What are the 5 steps of financial reporting?

Defining the accounting cycle with steps: (1) Financial transactions, (2) Journal entries, (3) Posting to the Ledger, (4) Trial Balance Period, and (5) Reporting Period with Financial Reporting and Auditing.

What are the golden rules of accounting?

Every economic entity must present accurate financial information. To achieve this, the entity must follow three Golden Rules of Accounting: Debit all expenses/Credit all income; Debit receiver/Credit giver; and Debit what comes in/Credit what goes out.

How are the 4 financial statements connected?

The cash sales reported on the income statement are added to the balance sheet cash account. The credit sales are added to your accounts receivables. The balance of the retained earnings is included in the owner's equity section found on the balance sheet.

Is trial balance a financial statement?

Trial balance refers to a part of a financial statement that records the final balances of the ledger accounts of a company. This statement comprises two columns: debit and credit. An organisation prepares a trial balance at the end of the accounting year to ensure all entries in the bookkeeping system are accurate.

Which of the following are major financial statements?

There are 3 major financial statements to understand: profit and loss statement. balance sheet. cash flow statement.

What are the two major financial statements?

A set of financial statements includes two essential statements: The balance sheet and the income statement. A set of financial statements is comprised of several statements, some of which are optional.