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Financial Reporting MCQs

How are the Statement of Retained Earnings & the Balance Sheet related?

Debts paid off in the current period are detailed in the Statement of RE

Statement of RE is a detailed analysis of the equity section and the change in it from the prior reported period

Cash from the balance sheet is transferred to the Statement of RE

They are not linked directly

Answer

Correct Answer: Statement of RE is a detailed analysis of the equity section and the change in it from the prior reported period

Explanation:

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