Four financial statements are usually prepared for a business. The statement of cash flows is usually preparedlast. The statement of owner's equity (OE), the balance sheet (B), and the income statement (I) are prepared in acertain order to obtain information needed for the next statement. In what order are these three statementsprepared?
a. I,OE, B
b. B, I, OE
c. OE, I, B
d. B,OE, I
Question 2
What effect would outstanding purchase orders have on the fund balance of a Special Revenue Fund?
a. Reserved fund balance would include the value of the outstanding purchase orders.
b. Designated fund balance would include the value of the outstanding purchase orders.
c. Unreserved fund balance would include the value of the outstanding purchase orders.
d. Outstanding purchase orders have no effect on how fund balance is reported.
A typical bank statement.
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