Which financial statement is prepared as of a specific date? The balance sheet.

Question

Which financial statement is prepared as of a specific date? The balance sheet. The income statement. The statement of cash flows. The balance sheet, income statement, and statement of cash flows are all for a period of time rather than at a specific date. Which financial statement is prepared as of a specific date? The balance sheet. The income statement. The statement of cash flows. The balance sheet, income statement, and statement of cash flows are all for a period of time rather than at a specific date. Which financial statement is prepared as of a specific date? The balance sheet. The income statement. The statement of cash flows. The balance sheet, income statement, and statement of cash flows are all for a period of time rather than at a specific date. Which financial statement is prepared as of a specific date? The balance sheet. The income statement. The statement of cash flows. The balance sheet, income statement, and statement of cash flows are all for a period of time rather than at a specific date. The balance sheet. The income statement. The statement of cash flows. The balance sheet, income statement, and statement of cash flows are all for a period of time rather than at a specific date.

Explanation / Answer

Solution:

Answer is 1st The balance sheet.

Notes:

The balance sheet is a the financial statement which shows position of assets and liabilities on specific date, it does not shows that assets & liabilities for a period it is of specific date. income statement & cash flows statements are prepared for a period of time.

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