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

Question

Quizplus · Accepted Answer

A balance sheet summarizes a firm's financial position at a specific point in time by showing its assets, liabilities, and equity. The statement of cash flows shows cash inflows and outflows over a period of time, the income statement shows the company's revenues and expenses over a period of time, and the investment income statement shows the income earned from investments.

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