Question

The balance sheet:______

a. As of the end of one period is the balance sheet at the beginning of the next period
b. Can be prepared for any period of time, but is usually prepared for a month or for a year
c. Is usually prepared for a fiscal year
d. Is the link between last year's income statement and this year's income statement

Answer 1

A balance sheet is an accounting tool that lists assets and liabilities. It can be prepared for any period of time, but is usually prepared for a month or for a year.

Step-by-step explanation:

A balance sheet is an accounting tool that lists assets and liabilities. It provides a snapshot of an organization's financial position at a given point in time. Regarding the options given, the correct answer is b. Can be prepared for any period of time, but is usually prepared for a month or for a year. However, it is important to note that a balance sheet is not the link between last year's income statement and this year's income statement.