Which financial statement is concerned with an entity at a point in time?
A) Statement of financial position.
B) Statement of cash flows.
C) Profit and loss statement.
D) Comprehensive income statement.

Question

Quizplus · Accepted Answer

The statement of financial position (also known as balance sheet) represents an entity's financial position at a specific point in time, showing its assets, liabilities, and equity as of a particular date. On the other hand, the profit and loss statement, comprehensive income statement, and statement of cash flows provide information related to an entity's performance and activities over a specific period (e.g., a month, a quarter, a year).

Which Financial Statement Is Concerned with an Entity at a Point