Which One of the Following Items Is Correct Concerning the Time

question 73

Multiple Choice

Which one of the following items is correct concerning the time element of financial statements?

• A)The balance sheet covers a period of time.
• B)The statement of retained earnings explains changes during a particular period.
• C)An income statement lists amounts at a specific point in time.
• D)Both the income statement and the balance sheet cover a period of time.

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Definitions:

Appositional Growth

A method of growth by which new layers are added on the surfaces of existing tissues, seen in bone and cartilage development.

Electrical Charge

A physical property that causes matter to experience a force when placed in an electromagnetic field, characterized by being positive or negative.

Osteoblasts

Cells with the primary function of synthesizing bone, playing an essential role in bone growth and repair.

Electrical Charges

Properties of particles that give rise to electric forces; positive and negative charges attract each other, while like charges repel.