Question:

Which financial statement shows a company’s financial position at a specific date?

Show Hint

Balance Sheet = Snapshot on a date. Income Statement = Performance over time.
  • Income Statement
  • Balance Sheet
  • Cash Flow Statement
  • Retained Earnings Statement
Hide Solution
collegedunia
Verified By Collegedunia

The Correct Option is B

Solution and Explanation

The Balance Sheet shows assets, liabilities, and shareholders' equity at a specific date. It follows the formula: Assets = Liabilities + Equity. It gives a snapshot of what the business owns and owes. Income Statement shows profit over a period; Cash Flow Statement tracks cash movement.
Was this answer helpful?
0
0