A balance sheet is a financial statement that reports an organization's assets, liabilities, and equity at a specific point in time. It is used to give an overview of the financial health of an organization at a given moment, as opposed to measuring income and expenses over a period of time (as would be done with an income statement).

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A Balance Sheet

Question 122

Multiple Choice

A balance sheet

A) measures flows of income and expenditure over a given period of time.
B) measures assets,liabilities,and net worth at a giving instance in time.
C) equates flows of revenue with flows of expenditure.
D) None of the above are correct.

Correct Answer: