Which one of the following is the financial statement that shows a financial snapshot,taken at a point in time,of all the assets the company owns and all the claims against those assets?
A) income statement
B) creditor's statement
C) balance sheet
D) cash flow statement
E) sources and uses statement

Question

Quizplus · Accepted Answer

The balance sheet shows the financial position of a company at a specific point in time by listing its assets, liabilities, and equity. It provides a snapshot of what a company owns (assets), what it owes (liabilities), and what is left over for its owners (equity). The income statement shows a company's financial performance over a period of time, the cash flow statement shows how cash flows in and out of a company over a period of time, and the creditor's statement and sources and uses statement are not common financial statements.

Which One of the Following Is the Financial Statement That