Which financial statement reports an organization's financial position at a single point in time?
A)Income statement.
B)Balance sheet.
C)Statement of owner's equity.
D)Cash flow statement.
E)Trial balance.

Question

Quizplus · Accepted Answer

A balance sheet reports an organization's financial position at a specific point in time by showing its assets, liabilities, and equity. It provides a snapshot of the organization's finances, unlike other financial statements that report on a period of time.

Which Financial Statement Reports an Organization's Financial Position at a Single