A(n) ________ is a snapshot of a company's assets, liabilities, and owners' equity at a specific point in time.

Question

Quizplus · Accepted Answer

A balance sheet is a financial statement that shows the company's assets, liabilities, and owners' equity at a specific point in time, usually at the end of an accounting period. It provides a snapshot of the company's financial position and helps investors, creditors, and management to assess the company's ability to meet its financial obligations and invest in future growth. The other options, such as income statement and statement of cash flows, are also important financial statements, but they show different aspects of a company's financial performance and not a snapshot of its financial position.

A(n) ________ Is a Snapshot of a Company's Assets, Liabilities