Which of the following describes a balance sheet?
A)Reports the amount and composition of assets and liabilities at a specified point in time?
B)Reports cash receipts and cash disbursements for a specific accounting period.
C)Reports the amount and composition of assets and liabilities at a specific accounting period.
D)Reports revenues and expenses for a specific accounting period.

Question

Quizplus · Accepted Answer

A balance sheet is a financial statement that reports the amount and composition of assets and liabilities at a specific point in time, generally at the end of an accounting period. It provides a snapshot of a company's financial position and helps stakeholders understand its financial health.

Which of the Following Describes a Balance Sheet