Which of the following financial statements does not cover a period of time but rather reports amounts at a specific point in time?
A) Income statement
B) Balance sheet
C) Statement of cash flow
D) Statement of retained earnings

Question

Quizplus · Accepted Answer

The balance sheet is a financial statement that reports the financial position of a company at a specific point in time, typically the end of a reporting period. It shows the company's assets, liabilities, and equity as of that date, but does not cover a period of time like the income statement, statement of cash flows, or statement of retained earnings.

Which of the Following Financial Statements Does Not Cover a Period