The ________ measure a firm's performance over a specified period of time whereas a ________ provides a snapshot of the firm as of a specific date.
A)income and balance sheets; cash flow statement
B)balance sheet and cash flow statement; income statement
C)income and cash flow statements; balance sheet
D)None of the choices are correct.

Question

Quizplus · Accepted Answer

Income and cash flow statements measure a firm's performance over a period, showing how money is earned and spent, while a balance sheet provides a snapshot of the firm's financial condition at a specific point in time, detailing assets, liabilities, and equity.

The ________ Measure a Firm's Performance Over a Specified Period