The firm's assets and liabilities at a given point in time are reported on the firm's:
A)income statement or statement of financial performance.
B)income statement or statement of financial position.
C)balance sheet or statement of financial performance.
D)balance sheet or statement of financial position.

Question

Quizplus · Accepted Answer

The balance sheet or statement of financial position reports the firm's assets and liabilities at a given point in time. The income statement or statement of financial performance reports the firm's revenues and expenses over a period of time.

The Firm's Assets and Liabilities at a Given Point in Time