An auditor is reporting on cash basis financial statements. These statements are best referred to in his or her report by which one of the following descriptions?

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An auditor is reporting on cash basis financial statements. These statements are best referred to in his or her report by which one of the following descriptions?

A. Financial position and results of operations arising from cash transactions.
B. Assets and liabilities arising from cash transactions and revenue collected and expenses paid.
C. Balance sheet and income statement resulting from cash transactions.
D. Cash balance sheet and the source and application of funds.

Answer: Assets and liabilities arising from cash transactions and revenue collected and expenses paid.

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