Which financial statement reports a firm's assets, liabilities, and equity at a particular point in time?
A) Balance Sheet
B) Income Statement
C) Statement of Retained Earnings
D) Statement of Cash Flows

Question

Quizplus · Accepted Answer

The Balance Sheet reports a firm's assets, liabilities, and equity at a specific point in time. The Income Statement reports a firm's revenue, expenses, and net income over a period of time. The Statement of Retained Earnings reports changes in a company's retained earnings over a period of time. The Statement of Cash Flows reports a firm's inflows and outflows of cash over a period of time.

Which Financial Statement Reports a Firm's Assets, Liabilities, and Equity