The _____ Shows Assets, Liabilities and Shareholders' Equity as of a Specific

question 138

Multiple Choice

The _____ shows assets, liabilities and shareholders' equity as of a specific date, similar to a snapshot.

• A)balance sheet
• B)income statement
• C)statement of cash flows
• D)statement of sources and uses of funds
• E)statement of cash receipts and disbursements

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Definitions:

Fiscal Year

A one-year period that companies use for financial reporting and budgeting, which does not necessarily align with the calendar year.

Accounting Period

A specific period of time used by businesses to calculate their financial results and prepare financial statements, such as a month, quarter, or year.

Calendar Year

A period of one year that begins on January 1 and ends on December 31, used as an accounting period by many businesses.

Accounting Cycle

The complete series of accounting steps taken throughout the period until the financial statements are prepared, including transactions, journal entries, trial balance, and financial reporting.