Which of the following summarizes a company's financial position at a specific point in time (e.g., a specific quarter or year)?
A) statement of cash flows
B) income statement
C) balance sheet
D) investment income statement

Question

Quizplus · Accepted Answer

A balance sheet summarizes a company's financial position at a specific point in time by showing its assets, liabilities, and equity. The statement of cash flows shows how cash was generated and used during a specific time period, while the income statement shows a company's financial performance over a specific time period. The investment income statement is not a commonly used financial statement.

Which of the Following Summarizes a Company's Financial Position at a Specific