A financial statement providing information that helps users understand a company's financial status and which 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

The balance sheet is the financial statement that lists a company's assets, liabilities, and equity as of a specific date, providing information about the company's financial status. The income statement lists a company's revenue and expenses over a period of time, the statement of cash flows provides information about a company's cash inflows and outflows over a period of time, and the statement of retained earnings shows how a company's retained earnings have changed over a period of time. "Financial status statement" is not a recognized financial statement.

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