What is the date listed for the Balance Sheet in the provided context?

Prepare for the SACE Stage 2 Accounting Exam. Test your knowledge with flashcards and multiple choice questions, with hints and explanations for each question. Get ready to excel!

The date for the Balance Sheet typically represents a specific point in time, when a company’s financial position is summarized. In accounting, it is standard for balance sheets to be prepared at the end of a financial year.

Choosing 30 June 2022 indicates that the balance sheet reflects the financial status as of that date. It encompasses all assets, liabilities, and equity up to the close of the business on that date. This ensures that the information is relevant and up-to-date for stakeholders evaluating the organization's financial health.

In fiscal contexts, it's essential that the date aligns with the company’s reporting period. The selection of 30 June 2022 implies that the financial results and positions reported are definitive for that end-of-year, providing a critical snapshot for investors, creditors, and management to make informed decisions based on the most recent fiscal data.

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