Which of the following statements about financial statements is most correct?

a. Balance sheets are constructed using market (current) values for property and equipment.

b. Under certain circumstances (for example, a difference between book depreciation and tax depreciation), the balance sheet may not balance; that is, total assets will not equal total liabilities plus total equity.

c. The income statement reports on operations as of a given (single) date.

d. Short-term securities investments (as opposed to long-term investments) have maturities of less than one accounting period (one year for annual statements).

e. The balance sheet reports the status of an organization over some period, say one year.