A statement of financial position should be dated for a period (such as "For the year ended December 31, 20A"), whereas an statement of earnings should be dated at a point in time (such as "December 31, 20A").

Question

Quizplus · Accepted Answer

A statement of financial position (balance sheet) is dated at a point in time, while a statement of earnings (income statement) covers a period of time.

A Statement of Financial Position Should Be Dated for a Period