Which of the following financial statements shows a firm's financial position at a particular date?
A) Balance sheet
B) Income statement
C) Statement of cash flows
D) Statement of changes in retained earnings

Question

Quizplus · Accepted Answer

The balance sheet shows a firm's financial position at a particular date by presenting its assets, liabilities, and equity. It provides information about the company's resources and obligations, as well as its ownership structure, which can be used to assess its solvency and liquidity. The income statement shows a firm's financial performance over a period of time, the statement of cash flows shows the flow of cash in and out of the business, and the statement of changes in retained earnings tracks the changes in a firm's retained earnings account.

Which of the Following Financial Statements Shows a Firm's Financial