The financial statement that shows financial position at a point in time is the
A) income statement.
B) statement of change in financial position.
C) P&L statement.
D) balance sheet.

Question

Quizplus · Accepted Answer

The balance sheet is the financial statement that shows the financial position of a company at a specific point in time by reporting its assets, liabilities, and equity. The income statement (A) reports revenues and expenses for a period of time, the statement of change in financial position (B) shows the changes in the company's working capital and financing activities over a period of time, and P&L statement (C) is another name for the income statement.

The Financial Statement That Shows Financial Position at a Point