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:

Glucose

A simple sugar that is an important energy source in living organisms and is a component of many carbohydrates.

Urethra

A tube that connects the urinary bladder to the urinary meatus for the removal of fluids from the body.

Meatus

A natural passage or opening in the body, such as the external opening of the urethra.

Medulla

The inner region of an organ or tissue, especially the medulla oblongata in the brain or the inner part of the kidney.