Which of the following statements about the balance sheet is not true:
A) assets are listed in order of liquidity.
B) it is reported at a particular point in time.
C) the total of the assets must equal the total of the liabilities plus equity.
D) it represents the cash received and paid during the period.

Question

Quizplus · Accepted Answer

The statement "it represents the cash received and paid during the period" is not true as the balance sheet represents the financial position of the company at a particular point in time and does not capture the cash flows during a period. The statement is more applicable to the cash flow statement. A, B, and C are true statements about the balance sheet.

Which of the Following Statements About the Balance Sheet Is