Question

Balance Sheet provides information about financial position of the enterprise ______.

Options

• At a point in time 

• Over a period of time 

• For a period of time

• None of the above

Answer 1

Balance Sheet provides information about financial position of the enterprise at a point in time.

Explanation:

The balance sheet is a statement prepared on a specific date and at a specific point in time that shows categorised properties and assets on the right and obligations or liabilities on the left.