INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-A balance sheet provides a statement of your financial [position | performance].
A)for the first item
B)for the second item
C)if neither item will correctly complete the statement.

Question

Quizplus · Accepted Answer

A balance sheet provides a snapshot of your financial position at a specific point in time. It does not provide information on your financial performance over a period of time; that is the role of an income statement. Therefore, "position" is the correct word to complete the statement.

INSTRUCTIONS: Choose the Word or Phrase in [ ] Which