A retailer's assets,liabilities,and net worth are summarized at a specific period of time in a ________.
A) profit-and-loss (income) statement
B) balance sheet
C) strategic profit model
D) product/market opportunity matrix

Question

Quizplus · Accepted Answer

A balance sheet is a financial statement that provides a snapshot of a company's assets, liabilities, and equity at a specific point in time. It summarizes the financial position of the retailer by presenting a breakdown of what it owns (assets), what it owes (liabilities), and what is left over (net worth or equity). The other options (profit-and-loss statement, strategic profit model, and product/market opportunity matrix) do not provide this specific information on the financial position of the retailer.

A Retailer's Assets,liabilities,and Net Worth Are Summarized at a Specific