Whereas the ______ reflects a company's financial situation at a specific point in time,the ____ indicates the flow of resources that reveals the performance of the organization over a specific time period.
A)statement of changes in retained earnings; balance sheet
B)income statement; balance sheet
C)statement of cash flows; income statement
D)balance sheet; income statement

Question

Quizplus · Accepted Answer

The balance sheet reflects a company's financial situation at a specific point in time, showing assets, liabilities, and equity. The income statement, on the other hand, indicates the flow of resources (revenues and expenses) that reveals the performance of the organization over a specific time period.

Whereas the ______ Reflects a Company's Financial Situation at a Specific