Which financial statement below summarizes the financial position of a company?
A)Statement of Cash Flows
B)Profit & Loss Statement
C)Balance Sheet
D)Income Statement

Question

Quizplus · Accepted Answer

The balance sheet summarizes a company's financial position by showing its assets, liabilities, and equity at a specific point in time. The statement of cash flows shows the inflow and outflow of cash during a specific period, while the profit and loss statement (also known as income statement) shows the company's revenue and expenses over a period of time.

Which Financial Statement Below Summarizes the Financial Position of a Company