Financial statements does not cover a period of time but rather reports amounts at a specific point in time?

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asked Aug 21, 2018 202k views

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Charmi Gheewala · Answer 1 · 2018-08-25T14:12:01+0000

The answer is: Balance sheet
The balance sheet on the financial statements will show the total amount of each accounts that the company manages to accumulate throughout its operational years. The amount of the balance sheet on current year will be used as a starting point when calculating the balance sheet for the next year

Financial statements does not cover a period of time but rather reports amounts at a specific point in time?

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