The balance sheet provides a snapshot of an entity's financial position at an instant of time,while the income statement provides a moving picture of events over a span of time.

Question

Quizplus · Accepted Answer

The balance sheet is a statement of financial position at a particular point in time, while the income statement shows the financial performance of an entity over a specific period. Therefore, the statement is true.

The Balance Sheet Provides a Snapshot of an Entity's Financial