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3. Which one of the following best describes a balance sheet? a) A description of the entity's operations over a period of time b)

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3. Which one of the following best describes a balance sheet? a) A description of the entity's operations over a period of time b) A snapshot at a point in time of an entity's assets, liabilities and owners' equit c) A reconciliation of an entity's bank account balance d) A description of the company's cash flows over a period of time

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