Match each of the following characteristics with the financial statement that best describes it. Each may be used more than once.
-Reports as of a specific date
A)Income statement
B)Balance sheet
C)Statement of owner's equity
D)Statement of cash flows

Question

Quizplus · Accepted Answer

The characteristic of reporting as of a specific date is best suited for the balance sheet, as it lists a company's assets, liabilities, and equity at a specific point in time. The income statement and statement of cash flows cover a period of time, and the statement of owner's equity shows changes in equity over time.

Match Each of the Following Characteristics with the Financial Statement