Which of the following is the correct date format for the financial statement heading?
A)Balance sheet for the year ended June 30, 2015
B)Income statement at December 31, 2015
C)Balance sheet at December 31, 2015
D)Statement of retained earnings at December 31, 2015

Question

Quizplus · Accepted Answer

The correct format for financial statement headings is to state the name of the statement followed by the date as of which it is being presented. Therefore, the correct format is "Balance Sheet at December 31, 2015," as it is presenting the financial position of the company as of that date. Option A incorrectly states "for the year ended June 30, 2015," which implies that the balance sheet includes a time period rather than a specific point in time. Option B incorrectly states "at December 31, 2015," which implies that the income statement is presenting the financial performance of the company specifically on December 31, 2015, rather than for the entire year. Option D incorrectly states "at December 31, 2015," as the statement of retained earnings presents changes in retained earnings for the entire year, not just the end of the year.

Which of the Following Is the Correct Date Format for the Financial