A calendar year reporting company preparing its annual financial statements should use the phrase "At December 31, 2020
Posted: Sat Aug 07, 2021 6:56 am
A calendar year reporting company preparing its annual financial statements should use the
phrase "At December 31, 2020" in the heading of which financial statements?
A) On all of the required financial statements.
B) On the income statement only.
C) On the income statement and balance sheet, but not the statement of cash flows.
D) On the balance sheet only.
Answer: D
Explanation: The balance sheet is a snapshot of a company's assets, liabilities, and stockholders'
equity at a specific point in time.
phrase "At December 31, 2020" in the heading of which financial statements?
A) On all of the required financial statements.
B) On the income statement only.
C) On the income statement and balance sheet, but not the statement of cash flows.
D) On the balance sheet only.
Answer: D
Explanation: The balance sheet is a snapshot of a company's assets, liabilities, and stockholders'
equity at a specific point in time.