Questions: Select all that apply The four primary financial statements published to provide information to external users include which of the following? Statement of Business Activities Income Statement Statement of Cash Flows Statement of Stockholders' Equity Balance Sheet Statement of Assets

Select all that apply The four primary financial statements published to provide information to external users include which of the following? Statement of Business Activities Income Statement Statement of Cash Flows Statement of Stockholders' Equity Balance Sheet Statement of Assets
Transcript text: Select all that apply The four primary financial statements published to provide information to external users include which of the following? Statement of Business Activities Income Statement Statement of Cash Flows Statement of Stockholders' Equity Balance Sheet Statement of Assets
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Solution

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The correct answers are:

  • Income Statement
  • Statement of Cash Flows
  • Statement of Stockholders' Equity
  • Balance Sheet

Explanation:

  1. Income Statement: This financial statement provides information about a company's revenues, expenses, and profits over a specific period. It is essential for assessing the company's operational performance.

  2. Statement of Cash Flows: This statement shows the cash inflows and outflows from operating, investing, and financing activities. It helps users understand how the company generates and uses cash.

  3. Statement of Stockholders' Equity: This statement details changes in the equity section of the balance sheet, including retained earnings, stock issuance, and dividends. It provides insights into the company's financial health and how it finances its operations.

  4. Balance Sheet: This statement provides a snapshot of a company's financial position at a specific point in time, detailing assets, liabilities, and equity. It is crucial for understanding the company's financial stability and liquidity.

All four statements are primary financial statements used to provide comprehensive information to external users, such as investors, creditors, and regulators.

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