Homework Answers
Statement (b) i.e. 'a balance sheet reports on a company's assets and liabilities over a period of time' is incorrect.
A balance sheet is prepared at a particular date. The concept of 'over a period of time' is not applicable with balance sheet.
The balance sheet states what are the total assets of the business and what are the total liabilities and owner's equity of the business at a particular point of time.
Statements (a), (c) and (d) are correct.
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