A(n) ________ is a report that shows the financial picture of a company at a given time and itemizes assets, liabilities, and stockholders' equity.
A) profit and loss statement
B) balance sheet
C) expense report
D) income statement
E) budget report

Question

Quizplus · Accepted Answer

A balance sheet shows the financial position of a company at a specific point in time, with a breakdown of its assets, liabilities and equity. The other options listed relate to different financial reports with different purposes.

A(n) ________ Is a Report That Shows the Financial Picture