As Krista explained to her daughters Ashley and Cameron, the report that provides a picture of the firm's assets and its sources of financing at a point in time is the
A) balance sheet.
B) income statement.
C) cash flow statement.
D) asset list.

Question

Quizplus · Accepted Answer

The balance sheet is a financial statement that provides a picture of a firm's assets and its sources of financing at a point in time. The income statement shows a firm's financial performance over a period of time by reporting its revenues, expenses, and net income or loss. The cash flow statement reports a firm's cash inflows and outflows over a period of time. An asset list is not a financial statement.

As Krista Explained to Her Daughters Ashley and Cameron, the Report