Which one of the following financial statements reports an entity's financial position at a specific date?
A)Balance Sheet
B)Statement of Retained Earnings
C)Income Statement
D)Both the Income Statement and the Balance Sheet

Question

Quizplus · Accepted Answer

The Balance Sheet reports an entity's financial position at a specific date, showing its assets, liabilities, and equity. The Statement of Retained Earnings reports changes in the retained earnings account over a period of time, and the Income Statement reports an entity's financial performance over a period of time (usually a year). Therefore, the best choice is A, Balance Sheet.

Which One of the Following Financial Statements Reports an Entity's