Which of the following is false regarding the Balance Sheet?
A) On the Balance Sheet Assets are recorded at the Assets' fair market value on the date the Balance Sheet is prepared.
B) The Balance Sheet presents a company's financial position on a specific date and can be prepared at the end of a month,quarter or year.
C) The Balance Sheet is comprised of the following account types: Assets,Liabilities and Owners' Equity.
D) On the Balance Sheet Assets are what a company owns and Liabilities are what a company owes.
Correct Answer:
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