Accountıng I Deneme Sınavı Sorusu #1313577
Which shows the true order of preparing financial statements?
Which shows the true order of preparing financial statements?
Income statement-Owner's equity statement-Statement of cash flows-Balance sheet |
Income statement-Owner's equity statement-Balance sheet-Statement of cash flows |
Owner's equity statement-Income statement-Balance sheet-Statement of cash flows |
Income statement-Balance sheet-Owner's equity statement-Statement of cash flows |
Statement of cash flows-Income statement-Owner's equity statement-Balance sheet |
Accountants should follow this order to prepare the four financial statements: Income statement-Owner's equity statement-Balance sheet-Statement of cash flows
Because they need to calculate net income or loss to prepare owner’s equity statement, need to calculate closing balance of owner’s equity to prepare balance sheet and need the balance amount of cash item reported in balance sheet to check the accuracy of the closing balance of statement of cash flows.
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