A Statement of fiNancial Position Should Be Dated for a Period

question 37

True/False

A statement of financial position should be dated for a period (such as "For the year ended December 31, 20X1"), whereas a statement of earnings should be dated at a point in time (such as "At December 31, 20X1").

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Definitions:

Fraternity and Sorority

Social organizations, primarily found in North American colleges and universities, that are based on a system of brotherhood or sisterhood.

Out-group

A social group toward which an individual feels opposition, rivalry, or hostility.

In-group

A social group to which an individual feels a sense of belonging and identity.

Formal Organizations

Complex and structured secondary groups designed to achieve specific goals efficiently, usually guided by rules and regulations and characterized by a hierarchical system of roles.