Asked by
Junia Akter
on Oct 28, 2024
Verified
Which of the following describes the primary objective of the balance sheet?
A) To measure the net income of a business up to a particular point in time.
B) To report the difference between cash inflows and cash outflows for the period.
C) To report the financial position of the reporting entity at a particular point in time.
D) To report the market value of assets,liabilities,and stockholders' equity at a particular point in time.
Cash Inflows
The total amount of money received by a company from its various business activities, including sales, financing, and investments, during a specific period.
Net Income
What remains of a company’s revenue after all expenses, including taxes and costs, have been removed.
- Identify the objective of the balance sheet and understand financial statements' roles.
Verified Answer
JH
Learning Objectives
- Identify the objective of the balance sheet and understand financial statements' roles.