Which type of financial statement summaries an organization's assets and liabilities?
A) cash flows
B) activities
C) financial position
D) functional expenses

Question

Quizplus · Accepted Answer

The financial position statement, also known as the balance sheet, summarizes an organization's assets and liabilities at a specific point in time. Option A, cash flows, summarizes the cash inflows and outflows over a period of time. Option B, activities, is not a commonly used term in financial statements. Option D, functional expenses, summarizes the expenses incurred by an organization according to their functions or programs.

Which Type of Financial Statement Summaries an Organization's Assets and Liabilities