Asked by saurav basnet on Apr 24, 2024
Verified
A balance sheet covers activities over a period of time such as a month or year.
Balance Sheet
A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, showing the balance of income and expenditure over the preceding period.
Period Of Time
A specific duration marked by a start and end date or time.
- Achieve familiarity with foundational financial statements and their ingredients.
Verified Answer
ML
Matthew LorentzMay 02, 2024
Final Answer :
False
Explanation :
A balance sheet is a snapshot of the financial condition of a business at a specific point in time, not a summary of activities over a period of time.
Learning Objectives
- Achieve familiarity with foundational financial statements and their ingredients.
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