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When a company prepares its annual financial reports, it must first prepare the   Question 6 options:   a)  balance sheet   b)  income statement   c)  free cash flow report   d)  all of the above   e)  none of the above

When a company prepares its annual financial reports, it must first prepare the   Question 6 options:   a)  balance sheet   b)  income statement   c)  free cash flow report   d)  all of the above   e)  none of the above

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question

When a company prepares its annual financial reports, it must first prepare the

 

Question 6 options:

 

a) 

balance sheet
 

b) 

income statement
 

c) 

free cash flow report
 

d) 

all of the above
 

e) 

none of the above
Expert Solution
Step 1

Annual financial statements are prepared in the following order:

1. Income statement - Statement of revenue and expenses for a defined period

2. Balance sheet - Statement of assets and liabilities of a company on a particular date

3. Free cash flow report - Statement of sources and uses of cash during the year

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