Which financial statement provides a "snapshot photo" of one moment in time for the whole entity?
A)Balance Sheet only
B)Income Statement only
C)Statement of Retained Earnings and Income Statement
D)Statement of Cash Flows only

Question

Quizplus · Accepted Answer

The balance sheet is the only statement that provides a snapshot of a company's financial position on a specific date. It shows the assets, liabilities, and equity of the entity at a point in time. The income statement, statement of retained earnings, and statement of cash flows show financial performance over a period of time rather than a single moment.

Which Financial Statement Provides a "Snapshot Photo" of One Moment