A report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity is referred to as a(n)
A) Profit and loss statement.
B) Balance sheet.
C) Expense report.
D) Income statement.
E) Budget report.

Question

Quizplus · Accepted Answer

The balance sheet shows the financial picture of a company at a given time. This statement itemizes three elements: assets, liabilities, and stockholders' equity.

A Report That Shows the Financial Picture of a Company