On a common-base year financial statement, all accounts are expressed relative to the base:
A) Year amount.
B) Amount of sales.
C) Amount of total assets.
D) Net income.
E) Net cash flow.

Question

Quizplus · Accepted Answer

In a common-base year financial statement, all accounts are expressed relative to the amounts of a selected base year, allowing for comparison of financial data over time by setting a common reference point.

On a Common-Base Year Financial Statement, All Accounts Are Expressed