The ﬁnancial statement showing a ﬁrm's accounting value on a particular date is the:
A) Statement of comprehensive income.
B) Statement of ﬁnancial position.
C) Statement of cash ﬂows.
D) Tax reconciliation statement.
E) Shareholders' equity sheet.

Question

Quizplus · Accepted Answer

The statement of financial position, also known as the balance sheet, shows a firm's accounting value on a particular date by listing its assets, liabilities, and equity. The other options do not typically show a firm's accounting value on a particular date and instead focus on income, cash flows, taxes, or shareholders' equity.

The ﬁNancial Statement Showing a ﬁRm's Accounting Value on a Particular