Question

In: Civil Engineering

What document summarizes the financial position of the construction company? Question options: A) Income Summary B)...

What document summarizes the financial position of the construction company?

Question options:

A)	Income Summary

B)	Work in Progress Schedule

C)	Balance Sheet

D)	General Journal

Expert Solution

a) Income Summary:

It shows the balances of revenue and expenditure of the firm or the project. It is a temporary account. It has two sides credit and debit. It shows whether has profits or loss at the end of the year.

So this does not show the financial position

b) Work in Progress summary:

This shows the amount of work in progress and the amount of work is completed. Doest deal with accounting or financial position of the company

c) Balance sheet:

It ha two columns assets and liabilities. It summarizes the company's assets, equity, and liabilities. It is known as " Snapshot of a companies financial condition",

So this clearly shows the financial status of the construction firm.

d) General Journal:

It is Book that records the transactions in a day-wise. Taken care by bookkeepers

So the correct option is the Balance sheet(option: C)

Hope this helps

Please feel free to comment on any further queeries

All the best :)

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