Question

Balance Sheet provides information about the financial position of the enterprise:

• A. At a particular date
• B. Over a period of time
• C. For a period of time since its inception
• D. For the last 5 years

Answer 1

Answer: (A)

At a particular date

Answer 2

A balance sheet provides a snapshot of an enterprise’s financial position at a specific point in time, detailing assets, liabilities, and equity. It does not reflect performance over a period but rather summarizes the financial standing at a particular date.