The _____ shows a firm's financial position with respect to assets and liabilities at a specific point in time.
A) profit and loss statement
B) balance sheet
C) budget
D) income statement

Question

Quizplus · Accepted Answer

The balance sheet is a financial statement that reports a company's assets, liabilities, and equity at a specific point in time. It provides a snapshot of the company's financial position and shows how its resources (assets) are financed, either through debt (liabilities) or through owner's investment (equity). The other options (A, C, D) are financial statements that show a company's financial performance over a period of time, rather than a snapshot of its financial position at a point in time.

The _____ Shows a Firm's Financial Position with Respect to Assets