Which accounting report is prepared at a particular point of time rather than over a period of time?
A)Statement of comprehensive income.
B)Statement of change in owners' equity.
C)Statement of financial position.
D)Both B and C.

Question

Quizplus · Accepted Answer

The Statement of financial position, also known as the balance sheet, is a snapshot of an entity's financial position at a particular point in time. It shows the entity's assets, liabilities, and equity as of that specific date. The other options, Statement of comprehensive income and Statement of change in owners' equity, are prepared over a period of time (usually a year) and report on the entity's income and equity changes over that period.

Which Accounting Report Is Prepared at a Particular Point of Time