Which financial statement is prepared first?

A) Statement of financial position
B) Statement of income
C) Statement of changes in equity
D) Statement of cash flows

Statement Of Financial Position

A financial statement that shows the assets, liabilities, and equity of an entity at a specific point in time, providing a snapshot of its financial condition.

Statement Of Income

A financial report that shows a company's revenue, expenses, and profits over a specific period, often referred to as a profit and loss statement.