A balance sheet describes your:
A) financial position at a given point in time.
B) financial performance over time.
C) financial performance at a given point in time.
D) financial goals over time.
E) financial plans over time.

Question

Quizplus · Accepted Answer

A balance sheet is a snapshot of a company's financial position at a given point in time, showing its assets, liabilities, and equity. It does not describe financial performance over time, goals or plans, which are better reflected in other financial statements such as income statement or cash flow statement.

A Balance Sheet Describes Your