QUESTION 1 The Income Statement Balance sheet Cash flow statement Budget gives a "snapshot" of how business looks at a single point in time. QUESTION 2 The Income Statement Balance sheet O Cash flow statement Budget summarizes the revenue and expenses of a business over a given period. QUESTION 3 Because financial documents are constructed according to generally accepted accounting principles, managers who can read one set of these documents should find it easy to follow those of any other firm. True CO False