Which one of the following financial statements reports an entity's financial position at a specific date?
A)Balance sheet
B)Statement of retained earnings
C)Income statement
D)Both the income statement and the balance sheet

Question

Quizplus · Accepted Answer

The balance sheet reports an entity's financial position, including assets, liabilities, and equity, at a specific date. The statement of retained earnings reports changes in retained earnings over a period of time, while the income statement reports an entity's financial performance over a period of time.

Which One of the Following Financial Statements Reports an Entity's