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Which of the following statements is NOT correct about the financial statements?

Multiple Choice

An income statement reports revenues, expenses, and net income information.


The statement of stockholders' equity presents common stock, dividends, and retained earnings information.

A balance sheet reports assets, liabilities, revenues, and expenses.


The statement of cash flows shows cash inflows and outflows from operating, financing, and investing activities.

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adrianabazan
Answer:

A balance sheet reports assets, liabilities, revenues, and expenses.


Explanation:

The balance sheet report assets and liabilities and shareholders fund where as revenues and expenses would be reported under income statement.

The statement about the financial statement i.e. the balance sheet reports assets, liabilities, revenues & expenses" is not correct.

The following information is considered:

  • The income statement recorded revenue, expenses, and information related to the net income.
  • The stockholder equity statement includes the common stock, dividend, and information regarding retained earnings.
  • The balance sheet records assets, liabilities & stockholder equity.
  • The cash flows statement records cash inflows & outflows with respect to the operating, investing & financing activities

Therefore we can conclude that The statement about the financial statement i.e. the balance sheet reports assets, liabilities, revenues & expenses" is not correct.

Learn more about the cash here: brainly.com/question/10776890

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