Question 14 of 35. Which statement is TRUE about balance sheets? All sections of the balance sheet can be confirmed objectively using documents provided by third parties, The balance sheet needed for the tax return will provide a snapshot of account balances as of the end of the tax period The value of publicly-traded securities can be listed using the date chosen by the business. O All business balance sheets are required to undergo external audit. Mark for follow up Question 17 of 35. Which of the following statements is FALSE? O The income statement reflects one accounting period. The balance sheet reflects the cumulative results of the business. T Income and deductions reported on the income statement may not match the tax return amounts. Changes in owner's equity are reflected in the income statement Mark for follow up Summary Next >> Save / Return Later Back