What type of financial statement provides a snapshot of an organization's finances taken at a point in time?
A) activities
B) cash flows
C) financial position
D) functional expenses

Question

Quizplus · Accepted Answer

The financial position statement, also known as the balance sheet, provides a snapshot of an organization's finances at a particular point in time by showing its assets, liabilities, and equity. The activities statement (also known as the income statement or profit and loss statement) shows an organization's financial performance over a period of time, while the cash flows statement shows the inflows and outflows of cash during a period. Functional expenses statement shows the expenses that an organization incurs for each functional department or unit.

What Type of Financial Statement Provides a Snapshot of an Organization's