alleryStart learning →Which report is published at fixed intervals as part of financial accounting?
AThe schedule of cost of jobs sold
BThe statement of cash flows
CThe direct materials purchases budget
DThe flexible budget for the year
Answer & Solution
Correct answer: B. The statement of cash flows
1. Financial accounting produces periodic financial statements for external users.
2. Those statements are the income statement, the retained earnings statement, the balance sheet and the statement of cash flows.
3. Schedules of job costs, materials purchases budgets and flexible budgets are internal managerial tools with no fixed publication interval.
4. The statement of cash flows is therefore the financial accounting report in this list.
_Source: Jonick, Principles of Managerial Accounting (UNG Press, CC BY-SA 4.0), section 1.1 Introduction_
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