The income statement reveals

Select one:

a$.$ net earnings $($net income$)$ of a firm for a period of time.

b$.$ resources and equities of a firm at a point in time.

c$.$ resources and equities of a firm for a period of time.

d$.$ net earnings $($net income$)$ of a firm at a point in time.

The current liability section of the balance sheet should include:

Select one:

a$.$ goodwill

b$.$ land held for speculation purposes.

c$.$ buildings

d$.$ Income tax payable

The purpose of a balance sheet is to show the financial condition of an accounting entity for a period of time.

Select one:

True

False