What is included in a full set of financial statements?

A full set of financial statements typically encompasses several key components that provide a comprehensive view of an entity's financial performance and position. Among these, the statement of financial position (also known as the balance sheet) presents the company’s assets, liabilities, and equity at a specific point in time, while the statement of changes in owners' equity details the movements in equity accounts over the reporting period. Together, these statements allow stakeholders to understand both the financial position of the company and the changes that occurred during the period.

The full set of financial statements usually also includes the statement of comprehensive income, the statement of cash flows, and notes to the financial statements, but the two specified in the correct answer are the foundational elements. The omission of one of these critical components in the other options fails to capture the essential information required to fully assess the financial affairs of the organization.

Thus, the inclusion of the statement of financial position and the statement of changes in owners' equity collectively confirms that these two elements are significant in the overall financial reporting framework.