The ﬁnancial statement showing a ﬁrm's accounting value on a particular date is the:
A)income statement.
B)statement of ﬁnancial position.
C)statement of cash ﬂows.
D)tax reconciliation statement.
E)shareholders' equity sheet.

Question

Quizplus · Accepted Answer

The statement of financial position, also known as the balance sheet, shows a firm's accounting value on a particular date by listing its assets, liabilities, and equity. This statement provides a snapshot of the company's financial position, including its overall financial health and its ability to meet its financial obligations. The income statement provides information on a company's revenue and expenses over a period of time, while the statement of cash flows tracks a company's cash inflows and outflows during a period. The tax reconciliation statement and shareholders' equity sheet are not primary financial statements.

The ﬁNancial Statement Showing a ﬁRm's Accounting Value on a Particular