Which statement is issued last in the standard financial statement preparation order?

The correct answer is the Statement of Cash Flows, which is typically the last statement prepared in the order of standard financial statement preparation. The sequence of preparation generally starts with the Income Statement, which summarizes the revenues and expenses over a specific period, followed by the Statement of Stockholders' Equity, which reflects changes in equity during the same period. Next, the Balance Sheet provides a snapshot of the company's assets, liabilities, and equity at a specific point in time.

The Statement of Cash Flows is prepared last because it relies on the information generated from the other financial statements. It breaks down the cash inflows and outflows into operations, investing, and financing activities and reconciles the cash balance reflected on the Balance Sheet. Since it integrates the results from the previously completed statements, its completion comes after those other reports have been finalized.