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Carrie is creating a personal balance sheet. The heading includes the period of time that the balance sheet represents.
Which could be the heading of Carrie’s balance sheet?
Carrie’s Balance Sheet (January 1, 2021)
Carrie’s Balance Sheet (January)
Carrie’s Balance Sheet (Friday, January 3)
Carrie’s Balance Sheet (January 2011 – January 2021)
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Correct answer: Carrie’s Balance Sheet (January 1, 2021).
Explanation: A balance sheet shows financial position at a specific point in time, so its heading should be an as‑of date. "January 1, 2021" is an as‑of date. "January" or "January 2011 – January 2021" indicate periods (used for income statements), and "Friday, January 3" is an oddly specific weekday though it would technically be a date.
Explanation: A balance sheet shows financial position at a specific point in time, so its heading should be an as‑of date. "January 1, 2021" is an as‑of date. "January" or "January 2011 – January 2021" indicate periods (used for income statements), and "Friday, January 3" is an oddly specific weekday though it would technically be a date.
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