Final answer:
A balance sheet is false to be for a specific period; it shows a company's financial position at a single point in time, listing assets, liabilities, and shareholders' equity.
Step-by-step explanation:
The statement that a balance sheet of a company provides financial information for a particular period of time is false. A balance sheet actually reflects a company's financial position at a specific point in time, showing what the company owns (assets) and owes (liabilities) as well as the shareholders' equity.
Assets can include cash, inventory, property, and anything else of value the company owns. Liabilities include debts like loans and mortgages. A balance sheet is most often presented in a T-account format which helps in clearly depicting how assets balance with liabilities and equity.