A financial statement providing information that helps users understand a company's financial status at a specific date, is called a(n):
A)Balance sheet.
B)Statement of changes in equity.
C)Bank statement.
D)Income statement.
E)Statement of cash flows.

Question

Quizplus · Accepted Answer

A balance sheet provides information about a company's assets, liabilities, and equity at a specific date, giving users an understanding of the company's financial status at that point in time. The other options (B, C, D, and E) provide different types of financial information, but not necessarily a snapshot of a company's financial status at a particular date.

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