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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Which of the following is not one of the four basic financial statements?

  1. Balance sheet
  2. Income statement
  3. Statement of cash flows
  4. Auditor’s report

To determine

Concept Introduction:

Financial statements: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements.

To choose:

The item which is not one of the four basic financial statements.

Explanation

Explanation for correct answer: Financial statements are prepared to summaries the account at the end of the period. The statements prepared are Income statement, Balance sheet, Statement of owner’s equity and Cash flows statements. Hence Auditor report is not one of the four basic financial statements.

Explanation for incorrect answers:

a...

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