The ________ is an accounting statement that reports the financial condition of a firm at a specific point in time.
A) income statement
B) balance sheet
C) statement of cash flows
D) trial balance

Question

Quizplus · Accepted Answer

A balance sheet reports the assets, liabilities, and equity of a company at a specific point in time, whereas an income statement reports the revenues and expenses of a company over a period of time. The statement of cash flows reports the cash inflows and outflows of a company over a period of time, while a trial balance is a worksheet used to ensure that debit and credit amounts in a company's accounting system are equal.

The ________ Is an Accounting Statement That Reports the Financial