A financial statement providing information that helps users understand a company's financial status,and which lists the types and amounts of assets,liabilities,and equity as of a specific date,is called a(n):
A)Balance sheet.
B)Income statement.
C)Statement of cash flows.
D)Statement of retained earnings.
E)Financial Status Statement.

Question

Quizplus · Accepted Answer

A balance sheet is the only financial statement among the given options that provides information about a company's financial status, lists types and amounts of assets, liabilities, and equity as of a specific date. The Income statement shows the revenue and expenses for a certain period. The Statement of Cash Flows describes the cash inflows and outflows for a certain period. The Statement of Retained Earnings shows changes in retained earnings during a certain period. There is no such financial statement as a Financial Status Statement.

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