Question

On a common-base year financial statement, all accounts are expressed relative to the base: Multiple Choice...

On a common-base year financial statement, all accounts are expressed relative to the base:

Multiple Choice

  • Year amount.

  • Amount of sales.

  • Amount of total assets.

  • Net income.

  • Net cash flow.

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Homework Answers

Answer #1

On Common base year financial statements,amount of total asset is taken as base for calculation of the balance sheet where as amount of total revenues generated can be taken the base for income statement.

In this case, all the the accounts will be expressed related to total assets since it is a financial statement.

Amount of sales will not be taken because it is total revenues not just sales and other net income and net cash flows are not to be taken

Correct answer will be option (c) total assets

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