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What does the Balance Sheet reflect? a. Net changes over a period of time b. Only annual balances c. Net Income over a period of1 month

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Question added by ryad abdalla , chief of accounts , Evntoo
Date Posted: 2015/11/05
Michael Lagunday
by Michael Lagunday , Accounts Assistant , Invest Group Overseas LLC

My answer is b. Only annual balances.

Balance Sheet or Statement of Financial Position shows the company's snapshot at a certain point of time. Though balances usually prepared on an annual basis, it could be prepared on a specific point of time (e.g. monthly).

Answer A. Net changes over a period of time is presented in Statement of Cash Flows.

Answer C. Net Income over a period of1 month is presented in Statement of Profit or Loss.

Khaled Mohee Eldeen Abbas Mahmoud
by Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed

a. Net changes over a period of time