Which financial statement is a snapshot at a point in time?
A)Balance sheet
B)Income statement
C)Statement of changes in equity
D)Cash flow statement

Question

Quizplus · Accepted Answer

The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It reports a company's assets, liabilities, and equity as of the date of the statement. This is different from the income statement, statement of changes in equity, and cash flow statement, which all report on a company's financial activity over a period of time.

Which Financial Statement Is a Snapshot at a Point in Time