Which One of the Following Statements Is True

question 3

Multiple Choice

Which one of the following statements is true?

• A) The statement of comprehensive income shows the financial position of an entity as of a specific date.
• B) The statement of comprehensive income shows the financial position of an entity for a specific period of time.
• C) The balance sheet shows the financial position of an entity at a specific date.
• D) The balance sheet shows the financial position of an entity for a specific period of time.

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Definitions:

Ice Melting

The physical process by which ice transitions to liquid water as it absorbs heat from its surroundings, typically occurring at 0 degrees Celsius under standard atmospheric pressure.

Density

The mass per unit volume of a substance, often used as an identifying property of various materials.

Mass

A measure of the amount of matter that an object contains; also a fundamental property of an object that determines its inertia and gravitational interaction.

Liquid

A state of matter characterized by a definite volume but no definite shape, allowing it to flow freely.