Practice Quiz

Forensic Accounting

Category - Specialized Forensic Knowledge

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Which of the following statement is prepared first?
  1. Statement of Owner’s Equity
  2. Statement of Comprehensive Income
  3. Statement of Financial Position
  4. Statement of Cash Flow
Explanation
Answer: B - In terms of preparation, the Statement of Comprehensive Income is prepared first. Notes to the Financial Statements, in addition to the four financial statements mentioned above, comprises a set of financial statements.
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