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The balance sheet heading will specify a:

The balance sheet heading will specify a . A) Period of time B) Point in time

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Question added by خالد ابراهيم , Senior Accountant , Al Khayyat Group /Peugeot and Mazda Automative agent in Jordan
Date Posted: 2013/11/02
Rehan Qureshi
by Rehan Qureshi , Financial Consultant , Self Employeed

Definitely Point of time

Balance sheetis normally made to know the position of assets and liabilities at a certain point of time

 

Whereas, Income statement is prepared for a period…… 

Shahzada Qaif
by Shahzada Qaif , Administration Manager , Sahi brothers c.c

period of time

 

Joanna Datar
by Joanna Datar , Head Waitress , Beer Inn ltd.

For my answer to this question,  is A. Period of time

Ahmed Migabry, CMA
by Ahmed Migabry, CMA , Chief Financial Officer (CFO) , El Sedawy, pharmacies

balance sheet represent the financial position in a point of time but income statment represent the performance of operation over a period of time

Fouzan Qadeer
by Fouzan Qadeer , Corporate Financial Analyst , Balubaid Group

Balance Sheet presents the financial position of a company at a specific point in time (i.e. at31st Dec2XXX) 

Income Statement presents the earnings and expenses over a specific period of time (i.e. from1st Jan2XXX to31st Dec2XXX)

Example excerpt from an audit report:

We have audited the accompanying balance sheet of ABC Company (the “Company”) as at31 December2012 and the related statements of income, cash flows and changes in shareholders’ equity for period from1 January2012 to31 December2012 (the “period”).

Basem Eljammal
by Basem Eljammal , Senior Accountant , ISAM KABBANI & PARTNERS GROUP FOR CONSTRUCTION AND MAINTENANCE CO. LTD.

Balance sheet represent at point of time 

Income statement represent at period of time 

 

Balaji Kobula Premanth
by Balaji Kobula Premanth , Senior Accountant , Ishtar Decor LLC

Balance Sheet heading usually say "as at" and Income Statement "from-to".

So its simple - Balance sheet is for Point of time and Income Statement is for Period of time.

Khaled Abdelrehim ACCA DipIFR CMA
by Khaled Abdelrehim ACCA DipIFR CMA , Financial Analysis Assistant General Manager , Khalda Petroleum Company

Answer B Point of time

Osama Alia
by Osama Alia , Freelance consultation (Financial Management, Banking) , Freelance CFO

B

Muhammad Sajid Abbas Malik
by Muhammad Sajid Abbas Malik , Accountant , Dera Ghazi Khan Development Authority D.G Khan

a specific point of time  because balance sheet represent financial position of a company on a specific dated

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