A financial statement that provides a snapshot of a business's financial position as of a specific date is called the:
A)income statement
B)balance sheet
C)statement of retained earnings
D)statement of cash flows

Question

Quizplus · Accepted Answer

A balance sheet provides a snapshot of a business's financial position as of a specific date by showing its assets, liabilities, and equity. The other options provide information on a business's financial performance over a period of time, rather than its current financial position.

A Financial Statement That Provides a Snapshot of a Business's