Worldatwork Exam c8 Topic 2 Question 74 Discussion

Actual exam question for Worldatwork's c8 exam

Question #: 74
Topic #: 2

[All c8 Questions]

What information is found on the balance sheet?

AA list of what is owned, what is owed and the equity of an entity

BThe revenues and expenses incurred by an entity over a period of time

CThe change during the reporting period in cash and cash equivalents

DThe profitability of the company as of a specific date

Show Suggested Answer

Suggested Answer: D

by Sina at Jul 07, 2024, 11:55 AM

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Rachael

3 months ago

Wait, so the balance sheet isn't just a list of all the things that balance on my desk? I've been studying the wrong thing this whole time!

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Rodolfo

1 months ago

Michal: Exactly, it's important for understanding the financial health of a business.

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Aleta

1 months ago

User 3: The balance sheet shows the financial position of a company at a specific point in time.

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Michal

2 months ago

User 2: Oh, I thought it was just a list of things that balance on a desk too!

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Ardella

2 months ago

User 1: No, the balance sheet is a list of what is owned, what is owed, and the equity of an entity.

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Major

3 months ago

This is a tricky one. I was going to choose Option C, but then I realized that's more about the cash flow statement. Option A seems like the most accurate description of the balance sheet.

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Brande

3 months ago

Hmm, I'm leaning towards Option B. The income statement is where you would typically find information about revenues and expenses, not the balance sheet.

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Ceola

3 months ago

I'm not sure about that. Option D also sounds plausible, as the balance sheet reflects the company's profitability at a specific point in time.

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Mike

2 months ago

C) The change during the reporting period in cash and cash equivalents

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Mertie

2 months ago

B) The revenues and expenses incurred by an entity over a period of time

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Brittani

2 months ago

A) A list of what is owned, what is owed and the equity of an entity

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Patria

3 months ago

Option A seems to be the most comprehensive answer. The balance sheet provides a snapshot of an entity's financial position, including its assets, liabilities, and equity.

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