The financial statement that provides a snapshot view of the financial condition of a business at a point in time is the:
A)balance sheet
B)income statement
C)statement of cash flows
D)statement of retained earnings
E)two of the above

Question

Quizplus · Accepted Answer

The balance sheet is the financial statement that provides a snapshot view of the financial condition of a business at a point in time. The income statement shows the revenue, expenses, and net income over a specific period of time. The statement of cash flows shows the inflows and outflows of cash over a specific period of time, and the statement of retained earnings shows the changes in retained earnings over a specific period of time.

The Financial Statement That Provides a Snapshot View of the Financial