Which kind of accounting control provides a snapshot of an organization's assets and liabilities at a given time?
A) budget
B) cash flow analysis
C) profit and loss statement
D) balance sheet

Question

Quizplus · Accepted Answer

A balance sheet provides a snapshot of an organization's assets and liabilities at a specific point in time. A budget outlines an organization's expected income and expenses over a period of time, cash flow analysis tracks the movement of cash in and out of an organization over a period of time, and a profit and loss statement shows an organization's revenue, expenses, and profit or loss over a period of time.

Which Kind of Accounting Control Provides a Snapshot of an Organization's