A balance sheet describes a person's:
A)financial position at a given point in time.
B)financial performance over a period of time.
C)financial performance at a given point in time.
D)financial goals over a specific period of time.
E)financial plans over a period of time.

Question

Quizplus · Accepted Answer

A balance sheet provides a snapshot of a person's financial position at a specific point in time, showing their assets, liabilities, and equity. It does not describe financial performance over time, goals, or plans.

A Balance Sheet Describes a Person's