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 or statement of financial position.
B) Income statement or statement of comprehensive income.
C) Statement of cash flows.
D) Statement of changes in equity.
E) Financial Status Statement.

Question

Quizplus · Accepted Answer

The description provided matches the balance sheet or statement of financial position, which is a key financial statement that reports a company's assets, liabilities, and equity as of a specific date. The other options (B, C, D, E) are also financial statements, but they provide different types of information and do not match the description given.

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