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Commerce · Q160

Accounting

Graduate and Post Graduate · Commerce · question 160

Q160

Which of the following financial statements shows the financial position of a business at a specific date?

A.
Balance sheet
Answer
B.
Income statement
C.
Cash flow statement
D.
Statement of changes in equity

Answer: Option A

Solution

Answer: Option A
Solution:
Balance sheet financial statements shows the financial position of a business at a specific date. The balance sheet, sometimes called the statement of financial position, lists the company's assets, liabilities,and stockholders ' equity (including dollar amounts) as of a specific moment in time. That specific moment is the close of business on the date of the balance sheet.