Which of the following statements is NOT correct? Select one or more: a. A balance sheet...

Which of the following statements is NOT correct?

Select one or more:

a. A balance sheet reports on a company’s assets and liabilities over a period of time.

b. The statement of equity reports on changes in the accounts that make up equity

c. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time.

d. A balance sheet reports on resources and the claim of resources at a point of time

Solutions

Expert Solution

Option a - is not CORRECT

a. A balance sheet reports on a company’s assets and liabilities over a period of time.

Balance sheet reports assets and liabilities at a specific point in time and not over a period. (as correctly mentioned in Option d)

Equity statement and cashflow statement report equity and cash over a period of time as correctly mentioned in Option b and c.

ekkarill92 answered 1 year ago

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