Which financial statement is primarily concerned with reporting the financial position of a business at a particular time?
A)The balance sheet.
B)The income statement.
C)The statement of cash flows.
D)Consolidated statement of stockholders' equity.

Question

Quizplus · Accepted Answer

The balance sheet provides a snapshot of a company's financial position at a specific point in time by showing its assets, liabilities, and equity. It does not show the company's performance over a period of time like the income statement or statement of cash flows. The consolidated statement of stockholders' equity shows changes in the shareholders' equity accounts over a period of time.

Which Financial Statement Is Primarily Concerned with Reporting the Financial