The financial statement showing a firm's accounting value on a particular date is the:
A) income statement.
B) balance sheet.
C) statement of cash flows.
D) tax reconciliation statement.
E) shareholders' equity sheet.

Question

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The balance sheet is the financial statement that shows a firm's accounting value on a particular date. It includes the firm's assets, liabilities, and shareholders' equity. The income statement shows a firm's revenue and expenses over a period of time, while the statement of cash flows shows the inflows and outflows of cash during a period. The tax reconciliation statement is used to reconcile a firm's accounting income with its taxable income. The shareholders' equity sheet shows the changes in the firm's shareholders' equity over a period of time.

The Financial Statement Showing a Firm's Accounting Value on a Particular