A(n)____ is a financial statement that lists all of the organization's assets and liabilities at a given point in time.
A) balance sheet
B) revenue statement
C) income statement
D) financial plan
E) capital expenditures budget

Question

Quizplus · Accepted Answer

A balance sheet is a financial statement that reports an organization’s assets, liabilities, and equity at a specific point in time. It provides a snapshot of the company’s financial position and helps in assessing its liquidity, solvency, and capital structure. Hence, option A is the correct choice. Option B (revenue statement) and option C (income statement) are incorrect as they report the organization’s financial performance over a period of time, not a single point in time. Option D (financial plan) and option E (capital expenditures budget) are also incorrect as they are planning documents and do not report actual financial numbers.

A(n)____ Is a Financial Statement That Lists All of the Organization's