A financial statement providing information that helps users understand a company's financial status at a specific date, is called a(n)
A) balance sheet
B) income statement
C) statement of cash flows
D) statement of changes in equity
E) bank statement

Question

Quizplus · Accepted Answer

A balance sheet provides information about a company's assets, liabilities, and equity at a specific point in time, giving users an understanding of the company's financial position. The income statement and statement of cash flows provide information about a company's financial performance over a period of time, while the statement of changes in equity shows changes in a company's equity accounts. A bank statement shows transactions in and out of a company's bank account, but does not provide a comprehensive view of the company's financial status.

A Financial Statement Providing Information That Helps Users Understand a Company's