Which financial statement is primarily concerned with reporting the financial position of a business at a particular time?
A)The balance sheet.
B)The income statement.
C)The statement of cash flows.
D)All three statements are concerned with the financial position of a business at a particular time.

Question

Quizplus · Accepted Answer

The balance sheet is the financial statement that reports the financial position of a business at a particular point in time, showing its assets, liabilities, and equity. It provides a snapshot of the business's financial health at that moment. The income statement and statement of cash flows, on the other hand, report the business's financial performance over a period of time.

Which Financial Statement Is Primarily Concerned with Reporting the Financial