What information does a firm's balance sheet provide to the viewing public?
A) a report of investments made and their cost for a specific period of time
B) a complete listing of all of a firm's cash receipts and cash expenditures for a defined period of time
C) a report of revenues and expenses for a defined period of time
D) an itemization of all of a firm's assets, liabilities, and equity as of the balance sheet date

Question

Quizplus · Accepted Answer

A firm's balance sheet provides an itemization of all of its assets, liabilities, and equity as of the balance sheet date. It does not report investments, cash receipts and expenditures, or revenues and expenses for a specific period of time.

What Information Does a Firm's Balance Sheet Provide to the Viewing