Identify the true statement of the following.
1. Balance sheet is always prepared from the point of view of the business, but not from, that of the owners.
2. The financial relationship of the business to its owners is shown in the balance sheet.
3. Balance sheet is always related to a period of time.

A. Both 1 and 2

B. Both 2 and 3

C. Both 1 and 3

D. All of the above

Answer: Option D