A formal statement of the assets, liabilities, and owner's equity of a business at a specified date is known as a(n)

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A balance sheet is a statement that provides a summary of the assets, liabilities, and equity of a business at a specific point in time. It helps stakeholders to assess a company's financial position and determine whether it has sufficient resources to meet its obligations. The income statement, on the other hand, provides a summary of a company's revenues and expenses over a period of time, while the statement of owner's equity presents changes in the owner's equity during the same period. The statement of cash flows provides information about the cash inflows and outflows of a business during a specific period.

A Formal Statement of the Assets, Liabilities, and Owner's Equity