A ________ is a snapshot of a company's assets, liabilities, and owners' equity at a specific point in time.
A) income statement
B) statement of cash flows
C) effectiveness statement
D) balance sheet
E) efficiency statement

Question

Quizplus · Accepted Answer

A balance sheet provides a summary of a company's financial position at a specific point in time, including its assets, liabilities, and owners' equity. The other options (A, B, C, and E) are all different financial statements that provide information about a company's financial performance over a period of time, rather than a specific point in time.

A ________ Is a Snapshot of a Company's Assets, Liabilities