A list of assets, liabilities, and owners' equity as of a specific date is a(n):
A) income statement.
B) balance sheet.
C) statement of cash flows.
D) retained earnings statement.

Question

Quizplus · Accepted Answer

A balance sheet is a financial statement that provides a snapshot of a company's financial position by listing its assets, liabilities, and owners' equity as of a specific date. The income statement, statement of cash flows, and retained earnings statement all provide different types of financial information about a company and are not designed to provide a snapshot of financial position as of a specific date.

A List of Assets, Liabilities, and Owners' Equity as of a Specific