A balance sheet portrays the value of a firm's assets and liabilities:
A) over an annual period.
B) over any stated period of time.
C) at any stated point in time.
D) only at the end of the calendar year.

Question

Quizplus · Accepted Answer

A balance sheet portrays the value of a firm's assets and liabilities at any stated point in time, not necessarily just at the end of the calendar year. It provides a snapshot of a company's financial position at a specific moment, which can be useful for evaluating its overall financial health and making investment decisions. The balance sheet typically includes information about the company's assets, liabilities, and shareholder equity, and is an important component of the financial statements that companies must prepare for regulatory and accounting purposes.

A Balance Sheet Portrays the Value of a Firm's Assets