Homework Answers
Answer: [D] a business's financial position on a specific date.
Explanation:
The balance sheet is statement of assets and liabilities as on a specific date.
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The balance sheet reports O A. a business's results of operations on a specific date. O...
The balance sheet reports the financial position of a company at a specific date in time...
The balance sheet reports the financial position of a company at a specific date in time whereas all other financial statements report changes in the financial position of the company over a period of time. True False
What is the purpose of a balance sheet? A. to the comprehensive income of a company...
What is the purpose of a balance sheet? A. to the comprehensive income of a company at a specific point in time B. to show the financial position at a specific moment in time C. to show the financial position during a period of time D. to show the results of operations at a specific point in time
The matching principle states that O A. a business's activities can be sliced into small time...
The matching principle states that O A. a business's activities can be sliced into small time segments O B. companies should record revenue when it has been earned O c. financial statements can be prepared for specific periods OD. all expenses should be recorded when they are incurred during the period
The retained earnings statement O reports the assets, liabilities, and stockholders' equity at a specific date....
The retained earnings statement O reports the assets, liabilities, and stockholders' equity at a specific date. O reports the changes in assets, liabilities, and stockholders' equity over a period of time. O presents the revenues and expenses for a specific period of time. O summarizes the changes in retained earnings for a specific period of time.
The adjusted trial balance O a. is at a specific date. O b. does not have...
The adjusted trial balance O a. is at a specific date. O b. does not have a date. O c. is for a period of time. O d. None of these choices are correct.
Which of the following is false regarding the four basic financial statements? A. The balance sheet...
Which of the following is false regarding the four basic financial statements? A. The balance sheet provides the financial position of a business at a specific date. B. The income statement provides the revenues and expenses of a business for a specific period of time. C. The statement of cash flows shows the sources and uses of cash of a business for a specific period of time. D. The changes in equity during the period is shown on the balance...
The adjusted trial balance 1 2 2 3 O a. is at a specific date. O...
The adjusted trial balance 1 2 2 3 O a. is at a specific date. O b. does not have a date. O c. is for a period of time. O d. None of these choices are correct. 3
Which one of the following statements best explains the most important difference between the balance sheet...
Which one of the following statements best explains the most important difference between the balance sheet and the profit and loss statement? The income statement presents the economic and operational results of financial performance of firms by considering revenues and expenses over a specific operating period. The balance sheet reflects the financial condition with its sections on a particular date or specific point in time. The balance sheet is prepared on cumulative basis (over a period of time, such as...
Which one of the following statements best explains the most important difference between the balance sheet...
Which one of the following statements best explains the most important difference between the balance sheet and the profit and loss statement? The income statement presents the economic and operational results of financial performance of firms by considering revenues and expenses over a specific operating period. The balance sheet reflects the financial condition with its sections on a particular date or specific point in time. The balance sheet is prepared on cumulative basis (over a period of time, such as...
Which of the following is not an external user of a business's financial information? O A....
Which of the following is not an external user of a business's financial information? O A. Investors OB. Customers O c. Employee OD. Taxing authorities
The matching principle states that O A. a business's activities can be sliced into small time segments O B. companies should record revenue when it has been earned O c. financial statements can be prepared for specific periods OD. all expenses should be recorded when they are incurred during the period
The retained earnings statement O reports the assets, liabilities, and stockholders' equity at a specific date. O reports the changes in assets, liabilities, and stockholders' equity over a period of time. O presents the revenues and expenses for a specific period of time. O summarizes the changes in retained earnings for a specific period of time.
The adjusted trial balance O a. is at a specific date. O b. does not have a date. O c. is for a period of time. O d. None of these choices are correct.
Which of the following is false regarding the four basic financial statements? A. The balance sheet provides the financial position of a business at a specific date. B. The income statement provides the revenues and expenses of a business for a specific period of time. C. The statement of cash flows shows the sources and uses of cash of a business for a specific period of time. D. The changes in equity during the period is shown on the balance...
The adjusted trial balance 1 2 2 3 O a. is at a specific date. O b. does not have a date. O c. is for a period of time. O d. None of these choices are correct. 3
Which one of the following statements best explains the most important difference between the balance sheet and the profit and loss statement? The income statement presents the economic and operational results of financial performance of firms by considering revenues and expenses over a specific operating period. The balance sheet reflects the financial condition with its sections on a particular date or specific point in time. The balance sheet is prepared on cumulative basis (over a period of time, such as...
Which one of the following statements best explains the most important difference between the balance sheet and the profit and loss statement? The income statement presents the economic and operational results of financial performance of firms by considering revenues and expenses over a specific operating period. The balance sheet reflects the financial condition with its sections on a particular date or specific point in time. The balance sheet is prepared on cumulative basis (over a period of time, such as...
Which of the following is not an external user of a business's financial information? O A. Investors OB. Customers O c. Employee OD. Taxing authorities
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