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Which of the following is/are true regarding the statement of financial position and statement of comprehensive...

Which of the following is/are true regarding the statement of financial position and statement of comprehensive income?
A. The statement of comprehensive income reflects a summary of activity that occurs over some period of time while the statement of financial position is a snapshot taken at a single point in time.
B. Both represent a summary of activity that occurs over some time period.
C. The two statements, taken together, give an accurate estimate of the firm's cash flows and market value.
D. Both are independent of the statement of cash flows.
E. Only the statement of financial position is required in developing the statement of cash flows.

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Answer #1

Correct Answer is A. The statement of comprehensive income reflects a summary of activity that occurs over some period of time while the statement of financial position is a snapshot taken at a single point in time.

Statement of Financial Position- Is also called the balance sheet and it contain value of assets, liabilities, and equity of a company on a specific date(single point in time).

Statement of Comprehensive Income - which contains the details of the revenue, income, expenses, or loss of the company that is not realized on over some period of time.

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