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 |
Homework Answers
Balance sheet is a statement which is also called as "Statement of financial position" as it shows the net worth of an entity at a specific moment in time. Net worth is the difference between total assets and total liabilities.
Therefore, it is celar that
The purpose of balance sheet is to show financial position at a specific moement in time.
Option B is the correct answer.
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What is the purpose of a balance sheet?
A.
to the comprehensive income of a company...
The balance sheet reports O A. a business's results of operations on a specific date. O...
The balance sheet reports O A. a business's results of operations on a specific date. O B. a business's results of operations for a specific period. O c. a business's financial position for a specific period. OD. a business's financial position on a specific date.
. Maltiple Choice Questions (2 points each, z I. The primary purpose of the balance sheet...
. Maltiple Choice Questions (2 points each, z I. The primary purpose of the balance sheet is to A. Measure the net income of a business up to a particular poi epr he ifterence berween cash inflows and cash outflows for the period CRepor the financial position of the reporting entity at a particular point in time. D. Repar the current value of the business. ed th follovine amounts at the end of the first year of operations:
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...
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...
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
Which of the following statements about the balance sheet is most correct? a. The balance sheet...
Which of the following statements about the balance sheet is most correct? a. The balance sheet provides information about the financial position of an organization as of a moment in time. b. The balance sheet provides detailed information about the assets, liabilities, equity, revenues, and expenses of an organization. c. The balance sheet is affected by changes in the net income of the organization. d. Statements a and c are both correct. e. Statements a, b, and c are all...
1. Major financial reports include the balance sheet (BS) and the income statement (IS). Which of...
1. Major financial reports include the balance sheet (BS) and the income statement (IS). Which of the following depicts the nature of these statements as to whether it relates to a point in time, or a period of time (such as a quarter or year? Point in time Period of time a BS IS b IS BS c BS,IS neither d neither BS,IS Group of answer choices a. d b. b c. a d. c 2. Benefits of operating budgets...
What is the difference between Comprehensive Income and Other Comprehensive Income? (include where in the financial...
What is the difference between Comprehensive Income and Other Comprehensive Income? (include where in the financial statements they are found). Describe the difference between Comprehensive Income and Net Income? What ASC (s) contain significant guidance for Comprehensive Income and Other Comprehensive Income? List at least 5 types of items that belong in Comprehensive Income and Other Comprehensive Income. OCI is presented net of tax—show me an example of how the taxes impact the amount shown and state why “net of...
Which of the following statements about the balance sheet is most correct? O The balance sheet...
Which of the following statements about the balance sheet is most correct? O The balance sheet provides information about the financial position of an organization as of a moment in time. O The balance sheet provides detailed information about the assets, liabilities, equity, revenues, and expenses of an organization. O The balance sheet is affected by changes in the net income of the organization. O Statements a. and c. are both correct. O Statements a, b, and c. are all...
The balance sheet reports O A. a business's results of operations on a specific date. O B. a business's results of operations for a specific period. O c. a business's financial position for a specific period. OD. a business's financial position on a specific date.
. Maltiple Choice Questions (2 points each, z I. The primary purpose of the balance sheet is to A. Measure the net income of a business up to a particular poi epr he ifterence berween cash inflows and cash outflows for the period CRepor the financial position of the reporting entity at a particular point in time. D. Repar the current value of the business. ed th follovine amounts at the end of the first year of operations:
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...
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 statements about the balance sheet is most correct? O The balance sheet provides information about the financial position of an organization as of a moment in time. O The balance sheet provides detailed information about the assets, liabilities, equity, revenues, and expenses of an organization. O The balance sheet is affected by changes in the net income of the organization. O Statements a. and c. are both correct. O Statements a, b, and c. are all...
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