A financial statement providing information that helps users understand a company's financial status and lists the types and amounts of assets,liabilities,and equity as of a specific date is called a(n):
A)Balance sheet.
B)Income statement.
C)Statement of cash flows.
D)Statement of retained earnings.
E)Financial status statement.

Question

Quizplus · Accepted Answer

A balance sheet provides information about a company's financial status on a specific date by listing its assets, liabilities, and equity. It does not show the company's income or expenses over a period of time, which is shown on an income statement. A statement of cash flows shows the inflows and outflows of cash over a period of time, while a statement of retained earnings shows the changes in a company's retained earnings over a period of time. "Financial status statement" is not a recognized term for a financial statement.

A Financial Statement Providing Information That Helps Users Understand a Company's