A is a financial statement that reflects account balances at a specific point in time like a snapshot.
A) periodic statement
B) position statement
C) change statement
D) static statement

Question

Quizplus · Accepted Answer

A position statement reflects the financial position of an entity at a specific point in time, like a snapshot. This is contrasted with change statements (such as income statements and cash flow statements) which track changes in financial position over a period of time. Periodic statement and static statement are not commonly used terms in accounting.

A Is a Financial Statement That Reflects Account Balances at a Specific