Which of the financial statements covers a period of time?
A)Income Statement
B)Balance sheet
C)Statement of Retained Earnings
D)Both A and C

Question

Quizplus · Accepted Answer

The Income Statement and the Statement of Retained Earnings both cover a period of time, typically a fiscal quarter or year, showing performance and changes over that period. The Balance Sheet, however, is a snapshot at a specific point in time.

Which of the Financial Statements Covers a Period of Time