Question

The balance sheetA)summarizes the changes in retained earnings for a specific period of time.B)reports the changes in assets, liabilities, and stockholders' equity over a period of time.C)reports the assets, liabilities, and stockholders' equity at a specific date.D)presents the revenues and expenses for a specific period of time.

Answer 1

C)reports the assets, liabilities, and stockholders' equity at a specific date.

Step-by-step explanation:

Balance sheet: The balance sheet is one of the financial statement which includes the assets, liabilities, and the stockholder equity

It used the account equation which means

Total assets = Total liabilities + Stockholder's equity

The debit and the credit side of the balance sheet should always be equal and balanced.

It analyzes the financial profitability, position, performance of the business organization. It is prepared on the specific date. In most of the cases, it is prepared on March 31, XXXX

So, all other options are incorrect except C.