Which of the following financial statements is used to analyze the economic resources,debt,and overall financial position of a company?
A)income statement
B)balance sheet
C)statement of cash flows
D)statement of owner's equity

Question

Quizplus · Accepted Answer

The balance sheet is used to analyze the economic resources and overall financial position of a company, as it provides a snapshot of the company's assets, liabilities, and equity at a specific point in time. It does not provide information on the profitability of the company or its cash flows, which are covered by the income statement and statement of cash flows, respectively. The statement of owner's equity provides information on changes in the equity section of the balance sheet, but does not provide a comprehensive analysis of the company's financial position.

Which of the Following Financial Statements Is Used to Analyze