The balance sheet reports:
A)the assets,liabilities,gains,and losses for a period of time.
B)the changes in assets,liabilities,and equity for a period of time.
C)the assets,expenses,and liabilities as of a certain date.
D)the probable future benefits,probable future sacrifices,and residual interest for a period of time.
E)the financial condition of an accounting entity as of a particular date.

Question

Quizplus · Accepted Answer

The balance sheet reports the financial condition of an accounting entity as of a particular date. It presents a snapshot of the company's assets, liabilities, and equity at a given point in time. It does not cover a period of time nor report gains or losses. It shows the present state, not any future benefits or sacrifices.

The Balance Sheet Reports