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 owner's equity

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 specific point in time. The income statement reports a company's revenues and expenses over a period of time, the statement of cash flows reports on a company's cash inflows and outflows, and the statement of owner's equity reports changes in the owner's equity during a period of time.

Which of the Following Financial Statements Is Used to Report