The Statement of Financial Position

question 75

Multiple Choice

The statement of financial position

• A) presents the revenues and expenses for a specific period of time.
• B) reports the changes in assets, liabilities, and shareholders' equity over a period of time.
• C) reports the assets, liabilities, and shareholders' equity at a specific date.
• D) summarizes the changes in retained earnings for a specific period of time.

---

Definitions:

Farming

The practice of cultivating plants and livestock to produce food, fiber, medicinal plants, and other products to sustain and enhance human life.

Opportunity Cost

The importance of the top second option lost by deciding on a particular path.

Farming

The practice of cultivating the land or raising stock, such as the growing of crops or the raising of livestock to produce food, fiber, and other materials.

Brocolli

A green vegetable with a large flowering head, often consumed for its nutritional value.