What is this document called?

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BlackTom AI · Accepted Answer

From the image, the document appears to present revenues, expenses, and changes in earnings for a specific period, labeled with 'Year Ended June 30, 2022' and listing items like grants, donations, production costs, and various expenses. 
Option 1: Balance sheet. A balance sheet typically lists assets, liabilities, and equity at a point in time, not detailed revenue and expense activity over a period. The shown content is not organized around assets vs. liabilities; it centers on income and operating results, so this is unlikely to be a balance sheet.
Option 2: Statement of Assets. A 'Statement of Assets' is not a standard financial statement naming convention in most financial reporting frameworks, and the document content does not present assets alone or in a summary of assets. The presence of numerous revenue and expense lines suggests otherwise.
Option 3: Year end report. While it is indeed dated for the year, the conventional term 'Year end report' is vague and not the formal title used for a detailed income-focused statement. The structured revenue and expense sections point toward a specific financial statement type rather than a generic report label.
Option 4: Statement of Operations. This term is commonly used to denote an income statement or a statement of earnings, listing revenues and expenses to show net income for the period. The document’s layout—revenue items followed by expenses and a final line for excess/deficiency of revenues over expenses—matches the format of an operations or income statement.
In summary, the document’s organization around revenues and expenses over a named period aligns with the purpose of a Statement of Operations, making this the best match among the options. The other choices either refer to different financial statements or use generic labels that do not describe the content as accurately.

VPAB13H3 F LEC01 Final Exam Quiz

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