The _____ summarizes a firm's financial position at a specific point in time by listing its assets, liabilities, and owners' equity.
A) statement of cash flows
B) income statement
C) balance sheet
D) budgeted balance statement

Question

Quizplus · Accepted Answer

The balance sheet is the statement that summarizes a firm's financial position at a specific point in time by listing its assets, liabilities, and owners' equity. The statement of cash flows shows the inflows and outflows of cash during a period of time, the income statement shows a firm's revenues and expenses over a period of time, and the budgeted balance statement is not a commonly used financial statement.

The _____ Summarizes a Firm's Financial Position at a Specific