Which of the following statements is CORRECT? a. The income statement gives us a

Question

Which of the following statements is CORRECT?
a. The income statement gives us a picture of the firm's financial position at a point in time.
b. The statement of cash flows tells us how much cash the firm has in the form of currency and demand deposits.
c. The four most important financial statements provided in the annual report are the balance sheet, income statement, cash budget, and the statement of stockholders' equity.
d. The statement of cash needs tells us how much cash the firm will require during some future period, generally a month or a year.
e. The balance sheet gives us a picture of the firm's financial position at a point in time

Explanation / Answer

e) The balance sheet is as of a specific date; income statement over a period of time.

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