Which of the following statements are true about the balance sheet? Select all t
ID: 2404401 • Letter: W
Question
Which of the following statements are true about the balance sheet? Select all that apply.
It a snapshot of a company’s assets, liabilities and equity at a specific time in point.
It keeps track of the financial activity of a company over a period of time.
It contains three categories: assets, liabilities and profit.
It shows everything that the company owns and owes.
It a snapshot of a company’s assets, liabilities and equity at a specific time in point.
It keeps track of the financial activity of a company over a period of time.
It contains three categories: assets, liabilities and profit.
It shows everything that the company owns and owes.
Explanation / Answer
Balance Sheet is a financial statement that shows company's assets, liabilities and equity at a specific time in point. It also shows what te company owns and owes.
Thus the following statements are true about the balance sheet:
It a snapshot of a company’s assets, liabilities and equity at a specific time in point.
It shows everything that the company owns and owes.
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