The financial statement showing a firm's accounting value on a particular date is the:
A)income statement.
B)statement of financial position.
C)statement of cash flows.
D)tax reconciliation statement.
E)shareholders' equity sheet.

Question

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The statement of financial position, also known as the balance sheet, shows the accounting value of a firm's assets, liabilities, and equity at a specific point in time. It provides a snapshot of the company's financial position and overall health. The income statement shows a firm's financial performance over a period of time, the statement of cash flows shows the inflows and outflows of cash, the tax reconciliation statement shows the difference between taxable income and accounting income, and the shareholders' equity sheet shows the changes in equity over time.

The Financial Statement Showing a Firm's Accounting Value on a Particular