The financial statement that provides a snapshot view of the financial condition of a business at a point in time is the:
A) balance sheet
B) income statement
C) statement of cash flows
D) statement of retained earnings

Question

Quizplus · Accepted Answer

The balance sheet provides a snapshot view of the business's financial condition at a specific point in time by listing its assets, liabilities, and equity. The income statement shows the business's financial performance over a period of time, while the statement of cash flows shows the inflows and outflows of cash during a period. The statement of retained earnings shows changes in the retained earnings account over a period, but it does not provide a snapshot of the overall financial condition of the business.

The Financial Statement That Provides a Snapshot View of the Financial