ITPEC IP April 2020 Question 68
ITPEC IP April 2020 — Question 68 of 100
A balance sheet presents a company's financial position at a particular date through assets, liabilities, and net assets or equity. It shows what the company controls, what it owes, and the residual ownership interest.
Answer (d)
Why not others:
- cash movements by activity appear in the cash-flow statement
- revenue, expenses, and period performance appear in the income statement
- changes in net assets over a period appear in the statement of changes in equity
Key rule: The balance sheet is a point-in-time statement satisfying assets = liabilities + equity.
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