Which of the Following Statements About the Balance Sheet Is

question 116

Multiple Choice

Which of the following statements about the balance sheet is FALSE?

• A)The balance sheet reports financial position.
• B)The balance sheets from two periods show whether cash increased or decreased.
• C)The balance sheet explains why cash increased or decreased from the prior period.
• D)The balance sheet is a basic financial statement required for publicly-held companies.

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Definitions:

GATT

The General Agreement on Tariffs and Trade, a multilateral treaty aimed at reducing trade barriers and promoting international trade through the reduction of tariffs and quotas.

World Trade Organization

An international organization designed to regulate and facilitate international trade between nations.

General Agreement on Tariffs and Trade

An international treaty that aimed to reduce tariffs and other trade barriers, leading to the establishment of the World Trade Organization.

Import Quotas

Restrictions set by the government on the amount or monetary worth of products allowed into a nation, aimed at shielding local businesses from overseas rivals.