All of the following statements about balance sheets are true: i) an itemization of all of a firm's assets, liabilities, and equity as of the balance sheet date ii) assets are reported at historical cost iii) balance sheets show average asset balances over a one-year period iv) a balance sheet reports a company's financial position at a specific point in time O i, ii & iv i, ii & iii O ii, iii & iv O i, ii, iii & iv