Financial statement that provides a snapshot of a business' financial position as of a specific date is called the:
A) income statement
B) balance sheet
C) statement of retained earnings
D) statement of cash flows

Question

Quizplus · Accepted Answer

The balance sheet provides a snapshot of a business' financial position as of a specific date. It shows the assets, liabilities, and equity of the business at that point in time.

Financial Statement That Provides a Snapshot of a Business' Financial