Asked by Hunter McGaughey on Jul 08, 2024
Verified
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.
Balance Sheet
A financial statement that provides a snapshot of what a company owns (assets), owes (liabilities), and the value of shareholders' equity at a specific point in time.
Financial Status
Financial status refers to the current financial condition of an individual or entity, characterized by factors like liquidity, solvency, and overall financial health.
- Understand the basic financial statements and their components.
Verified Answer
KD
Kingsley DamasahJul 13, 2024
Final Answer :
A
Explanation :
A balance sheet is a financial statement that lists a company's assets, liabilities, and equity as of a specific date, providing important information about the company's financial status.
Learning Objectives
- Understand the basic financial statements and their components.
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