Asked by Maryana Bilska on Apr 24, 2024
Verified
Reports as of a specific date
A) Income statement
B) Balance sheet
C) Statement of owner's equity
D) Statement of cash flows
Financial Statement
A formal record of the financial activities of a business, person, or other entity, presenting its financial performance and position at a given point in time.
Specific Date
A particular day singled out from others because of its significance or relevance to an event or action.
- Recognize the correct presentation of financial statements.
Verified Answer
VP
Violet Powell7 days ago
Final Answer :
B
Explanation :
The characteristic of reporting as of a specific date is best suited for the balance sheet, as it lists a company's assets, liabilities, and equity at a specific point in time. The income statement and statement of cash flows cover a period of time, and the statement of owner's equity shows changes in equity over time.
Learning Objectives
- Recognize the correct presentation of financial statements.
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