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

Question

Quizplus · Accepted Answer

The balance sheet reports an organization's financial position at a single point in time, showing its assets, liabilities, and equity. The income statement reports a company's financial performance over a period of time, the statement of retained earnings shows changes in a company's retained earnings over a period of time, the cash flow statement reports a company's cash inflows and outflows over a period of time, and the trial balance is a list of all accounts and their balances at a specific point in time, but it is not a financial statement.

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