Which financial statement reports an organization's financial position at a point in time?
A)Income statement.
B)Balance sheet.
C)Statement of owner's equity.
D)Cash flow statement.
E)Trial balance.

Question

Quizplus · Accepted Answer

The balance sheet reports an organization's financial position at a point in time, showing its assets, liabilities, and equity. The income statement reports revenue and expenses over a period of time, while the statement of owner's equity shows changes in the owner's equity over a period of time. The cash flow statement reports the cash inflows and outflows during a period of time. The trial balance is not a financial statement, but a list of all accounts and their balances used to ensure accuracy in the accounting system.

Which Financial Statement Reports an Organization's Financial Position at a Point