A calendar year reporting company preparing its annual financial statements should use the phrase "As of December 31, 2014" in the heading of which financial statements?

Question

Quizplus · Accepted Answer

The phrase "As of December 31, 2014" is used in the heading of the balance sheet because it represents the financial position of the company at a specific point in time. Other financial statements, like the income statement and statement of cash flows, cover a period of time rather than a specific date.

A Calendar Year Reporting Company Preparing Its Annual Financial Statements