Which financial statement is reported as of a specific date quizlet?
Andrew Campbell
Updated on January 01, 2026
A balance sheet reports financial information on a specific date and includes the assets, liabilities, and owner’s equity.
Which financial statement shows the balances in the accounts as of a specific date?
balance sheet
The balance sheet, lists the company’s assets, liabilities, and equity (including dollar amounts) as of a specific moment in time. That specific moment is the close of business on the date of the balance sheet.
Which of the financial statements are reported as of a moment in time?
Balance Sheet
The Balance Sheet is a “snapshot” : it represents, at a moment in time, the financial position of the business entity. It needs to be compared to other “snapshots” to provide meaningful information on changes in financial position. For that reason, the balance sheet from the preceding year is usually provided.
What does 000 mean in financial statements?
Figures in (000) means original figures have been devided by 1000. Just multiply by 1000 to get approximate original figure.
What are some limitations of the income statement?
One of the limitations of the income statement is that income is reported based on accounting rules and often does not reflect cash changing hands. This could be due to the matching principle, which is the accounting principle that requires expenses to be matched to revenues and reported at the same time.
How do you indicate thousands?
This guide will, MM (or lowercase “mm”) denotes that the units of figures presented are in millions. The Latin numeral M denotes thousands. Thus, MM is the same as writing “M multiplied by M,” which is equal to “1,000 times 1,000”, which equals 1,000,000 (one million).
What are some similarities and differences between the income statement and balance sheet?
The income statement gives your company a picture of what the business performance has been during a given period, while the balance sheet gives you a snapshot of the company’s assets and liabilities at a specific point in time.
