The personal statement of financial position and the balance sheet show the position of the individual or firm
A)for the accounting period,as determined by the Internal Revenue Service.
B)for the accounting period,as determined by the business firm.
C)as of a specific date.
D)with a beginning and ending date.
E)for a period of time,which is normally one year.

Question

Quizplus · Accepted Answer

The personal statement of financial position and the balance sheet show the financial position of an individual or firm as of a specific date, typically the end of an accounting period or fiscal year. It is not determined by the Internal Revenue Service or a business firm, nor does it refer to a specific period of time or have a beginning and ending date.

The Personal Statement of Financial Position and the Balance Sheet