The statement of financial position
A) summarizes the changes in shareholders' equity for a specific period of time.
B) reports the changes in assets, liabilities, and shareholders' equity over a period of time.
C) reports the assets, liabilities, and shareholders' equity at a specific date.
D) presents the revenues and expenses for a specific period of time.

Question

Quizplus · Accepted Answer

The statement of financial position, also known as the balance sheet, reports the assets, liabilities, and shareholders' equity at a specific date, providing a snapshot of the company's financial condition at that point in time.

The Statement of Financial Position