A financial statement providing information that helps users understand a company's financial status, and which lists the types and amounts of assets, liabilities, and equity as of a specific date, is called a(n):
A) Statement of owner's equity.
B) Financial Status Statement.
C) Balance sheet.
D) Income statement.
E) Statement of cash flows.

Question

Quizplus · Accepted Answer

A balance sheet is the financial statement that provides information about a company's financial status as of a specific date by listing the types and amounts of assets, liabilities, and equity. The other options are different types of financial statements with different purposes.

A Financial Statement Providing Information That Helps Users Understand a Company's