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

A balance sheet is a financial report that provides an overview of a company's financial position at a specific point in time. It itemizes assets, liabilities, and stockholders' equity to give a comprehensive view of the company's financial picture. A profit and loss statement (D) summarizes a company's revenues and expenses over a specific period, while an expense report (C) is a document that records the expenses incurred by an individual on behalf of the company. A budget report (E) is a report that compares actual financial results to projected or planned results.

A Report That Shows the Financial Picture of a Company