This provides a snapshot of the organization at a point in time, usually the end of a fiscal year.
A) Statement of activities
B) Statement of cash flows
C) Statement of functional expenses
D) Statement of financial position

Question

Quizplus · Accepted Answer

The statement of financial position, also known as the balance sheet, provides a snapshot of the organization's financial position at a given point in time, usually at the end of a fiscal year. It shows the organization's assets, liabilities, and net assets (or equity) and is a key statement for assessing an organization's financial health. The other statements listed (statement of activities, statement of cash flows, and statement of functional expenses) focus on the organization's financial activities and performance over a period of time, rather than providing a specific snapshot of its financial position.

This Provides a Snapshot of the Organization at a Point