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Which of the following statement is considered as the accountant’s snapshot of the firm’s accounting value as of a particular date?

  • Balance sheet statement is considered as the accountant’s snapshot of firm’s accounting value as of a particular date.
  • Balance Sheet is the summary of the whole accounting record of a firm.
  • Actually it represents a snapshot of the assets of a firm and claims on those assets (liabilities and owner's equity) as of a specific moment in time.
  • It is a Statement prepared at the end of the accounting period to know the true financial position of the firm or business.
  • It is not an account but only a statement representing the closing assets and liabilities of the firm on a certain date.