Which one of the following financial statements reports a firm's assets and the claims on assets?

Question

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The balance sheet reports a firm's assets (what it owns) and the claims on assets (what it owes or owe to others), which includes liabilities (such as debts or obligations to pay) and equity (the residual value of assets after deducting liabilities). The income statement reports a firm's revenues, expenses, and net income or loss for a period of time. The statement of changes in financial position shows the changes in a firm's working capital and sources and uses of funds, and the cash flow statement reports the cash inflows and outflows for a period of time.

Which One of the Following Financial Statements Reports a Firm's