A financial statement providing information that helps users understand a company's financial status,and which lists the types and amounts of assets,liabilities,and equity as of a specific date,is called a(n):
A)Balance sheet.
B)Income statement.
C)Statement of cash flows.
D)Statement of owner's equity.
E)Financial Status Statement.

Question

Quizplus · Accepted Answer

A balance sheet provides a snapshot of a company's financial status at a specific point in time by listing its assets, liabilities, and equity. An income statement shows the company's revenue and expenses over a period of time. A statement of cash flows details the company's inflows and outflows of cash during a specific period. A statement of owner's equity shows the changes in equity over a period of time. "Financial Status Statement" is not a commonly used term for a financial statement.

A Financial Statement Providing Information That Helps Users Understand a Company's