Which financial statements are prepared for a period of time?
A)Income statement,statement of retained earnings,balance sheet and statement of cash flows.
B)Balance sheet.
C)Income statement,statement of retained earnings,and statement of cash flows.
D)Income statement and balance sheet.
E)Statement of retained earnings and statement of cash flows.

Question

Quizplus · Accepted Answer

The income statement, statement of retained earnings, and statement of cash flows are all prepared for a period of time, typically over a month, quarter, or year. The balance sheet, on the other hand, is a snapshot of a company's financial position at a specific point in time.

Which Financial Statements Are Prepared for a Period of Time