Which of the following summarizes an organization's financial status at the end of an accounting period?
A) the cash flow statement
B) the balance sheet
C) the trial balance
D) the income statement

Question

Quizplus · Accepted Answer

The balance sheet is a summary of an organization's financial status that shows its assets, liabilities, and equity at a specific point in time, typically at the end of the accounting period. The cash flow statement shows the inflows and outflows of cash during a period, the trial balance is a list of all accounts with their balances, and the income statement shows the organization's revenues and expenses and the resulting net income or loss.

Which of the Following Summarizes an Organization's Financial Status at the End