The financial statement that summarizes the assets, liabilities, and stockholders' equity of an entity at a specific point in time is the
A) Balance Sheet.
B) Income Statement.
C) Statement of Stockholders' Equity.
D) Statement of Cash Flows.
E) Statement of Fund Balance.

Question

Quizplus · Accepted Answer

The Balance Sheet is the financial statement that summarizes an entity's assets, liabilities, and stockholders' equity at a specific point in time, providing a snapshot of its financial position.

The Financial Statement That Summarizes the Assets, Liabilities, and Stockholders