Which of the following best describes a balance sheet?
A) Reports cash receipts and cash disbursements for a specific accounting period
B) Reports investment activities for a specified accounting period
C) Reports revenues and expenses for a specific accounting period
D) Reports the amount and composition of assets and liabilities at a specified point in time

Question

Quizplus · Accepted Answer

A balance sheet reports the financial position of a company at a specific point in time by listing its assets, liabilities, and equity. It does not report cash transactions, investment activities, or revenues and expenses for a specific period.

Which of the Following Best Describes a Balance Sheet