Question

The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded.

Answer 1

True

Step-by-step explanation:

Financial statements reports the impact of all business transactions that occur. These transaction are recorded when they incur and then any necessary adjustment is made in order to reflect the true expense or liability. the adjusting entries are passed to correctly record the transaction.