The ________ shows the assets, liabilities, and owners' equity of a firm, at a specific point in time.
A) income statement
B) balance sheet
C) statement of cash flows
D) trial balance

Question

Quizplus · Accepted Answer

A balance sheet shows the assets, liabilities, and owners' equity of a firm, at a specific point in time. The income statement shows the revenues and expenses of a firm over a specific period of time. The statement of cash flows shows the inflows and outflows of cash over a specific period of time. The trial balance is a list of all accounts and their balances at a specific point in time for the purpose of checking the accuracy of the accounting records.

The ________ Shows the Assets, Liabilities, and Owners' Equity of a Firm