A financial statement that shows the organisation's financial position with respect to assets and liabilities at a specific point in time is called a:
A) capital expenditure budget
B) balance sheet
C) cash budget
D) revenue budget
E) profit budget.

Question

Quizplus · Accepted Answer

A balance sheet is a financial statement that provides an overview of an organization's financial position at a specific point in time. It presents the assets, liabilities, and equity of the organization, allowing stakeholders to determine the value of the organization and make informed decisions about investments and other financial matters. The other options listed are all different types of budgets and do not provide an overview of an organization's financial position.

A Financial Statement That Shows the Organisation's Financial Position with Respect