Which of the following financial statements is used to report the economic resources, debt, and overall financial position of a company?
A) income statement
B) balance sheet
C) statement of cash flows
D) statement of retained earnings

Question

Quizplus · Accepted Answer

The balance sheet is used to report the economic resources (assets), debt (liabilities), and overall financial position (owner's equity) of a company at a particular point in time. The income statement reports a company's revenues and expenses over a period of time, the statement of cash flows reports a company's cash inflows and outflows over a period of time, and the statement of retained earnings reports changes in a company's retained earnings over a period of time.

Which of the Following Financial Statements Is Used to Report