Question

The time frame associated with a balance sheet is:
a. a point in time in the past.
b. a one-year past period of time.
c. a single date in the future.
d. a function of the information included in it.
e. a two-year comparative period of time.

Answer 1

Answer:

The answer is: A) a point in time in the past

Explanation:

A balance sheet is one the most important financial statements of an organization along with the income statement and statement of cash flows.

It reports an organization´s assets, liabilities and shareholders´ equity at an specific point in time.

The basic formula used in a balance sheet is:

                  Assets          =          Liabilities    +     Shareholders´ Equity