Assume you are examining a financial statement headed 'As at the 31 December 2014'. The heading indicates the statement is the:
A) trial balance.
B) income statement.
C) statement of changes in equity.
D) balance sheet.

Question

Quizplus · Accepted Answer

The heading "As at the 31 December 2014" indicates that the financial statement is presenting the balances of assets, liabilities and equity accounts as at a particular date, which is the end of the financial year. This is consistent with the purpose of a balance sheet, which is to report the financial position of an entity at a specific date. Therefore, the correct choice is D, balance sheet.

Assume You Are Examining a Financial Statement Headed 'As at the 31