QUESTION 16 Some financial statements are like a photograph, giving information

Question

QUESTION 16 Some financial statements are like a photograph, giving information about one point in time. Others are like a motion picture, providing information on what happened over a period of time. Which of the following statements provide information at a point in time? O a. All of these. O b. Balance Sheet O C. Statement of Financial Condition O d. Statement of Net Position QUESTION 17 3 p Delinquent Asistance (DA) is a VHwo that provides counseling and recreation programs for youthful offenders. DA's programs are financed through a contract with the county in which it is located and through contributions from local citizens. The following transaction occurred during 2016 (fiscal year ending 12/31/16). T1: DA received pledges in the amount of $20,000, to be used as the DA trustees consider appropriate. What is the most liquid asset that is affected by this transaction? cash QUESTION 18 5 poi What is the amount that this asset is affected? 20000

Explanation / Answer

1- Answer is B

Balance sheet

It reports position of Assets and liabilities on a particular day, that why it is called Position statement too.

2-Pledge receivables

3- Amount is 20000

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