A balance sheet reflects the business’ financial performance for an accounting period.
举一反三
- A Balance Sheet reports the financial status of an entity over a period of time.
- The balance sheet is one of the basic ____1____. Financial statements are the main source of financial information to persons outside the business organization and also are useful to management. These statements are very ____2____, summarizing in three or four pages the activities of a business for a ____3____period of time, such as a month or a year. They show the financial ____4____ of the business at the end of the time period and also the ____5____ by which the business arrived at this financial position.
- The balance sheet reports: A: a.the assets, liabilities, gains, and losses for a period of time B: b.the changes in assets, liabilities, and equity for a period of time C: c.the assets, expenses, and liabilities as of a certain date D: dthe financial condition of an accounting entity as of a particular date
- The length of time covered by a set of periodic financial statements is referred to as the____ A: Fiscal cycle. B: Natural business year. C: Accounting period. D: Business cycle.
- Which statement summarizes financial performance resulting from income (revenue and gains) less expenses (including losses). A: Balance sheet B: Income statement C: Cash flow statement