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23 October, 04:00

Which of the following financial statements is prepared as of a specific date? Group of answer choices Balance sheet. Income statement. Retained earnings statement. Statement of cash flows.

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  1. 23 October, 07:49
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    Balance sheet.

    Explanation:

    Options B, C, D are wrong because income statement, retained earnings statement, and statement of cash flows is prepared for a specific period. For example, an accounting year or a fiscal year. As a company is operating throughout the year, it can generate income, expenses, and dividends.

    On the other hand, assets and liabilities are valued on a specific date. Therefore, option A (balance sheet) is correct.
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