In: Accounting
Which of the following financial statements is prepared as at a specific date?
Income statement |
Balance sheet |
Cash flow statement |
Statement of owner's equity |
Correct answer--------------Balance sheet
.
Balance sheet shows the balances of accounts on a particular date and that date is specified on the balance sheet.
Income statement is prepared for a period of time such as 1 month, 3 months, six months or a year.
Statement of cash flow is prepared using Balance sheet , income statement and owner's equity statement. it is also prepared for a period.