The balance sheet represents a point in time while the income statement reflects transactions that have occurred over a period of time?

true or False

Question 6 In a common size balance sheet All items on the balance sheet are expressed as a % of total assets one of these answers are correct Jl items on the balance sheet are expressed as a % of owner's equity All items on the balance sheet are expressed as a % of liabilities All items on the balance sheet are expressed as a % of sales Question 7 The balance sheet represents a point in time while the income statement reflects transaction period of time