A balance sheet is a statement that shows the resources controlled and the obligations owed by an entity:
A) in the previous financial year.
B) for the financial year.
C) for the accounting period.
D) at a point in time.

Question

Quizplus · Accepted Answer

A balance sheet represents the financial position of an entity at a specific point in time, typically at the end of a reporting period. It shows the assets, liabilities, and equity of the entity on that particular date. It does not necessarily indicate the financial position for the previous year or the entire accounting period.

A Balance Sheet Is a Statement That Shows the Resources