Question

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):Select one:a. Balance sheet.b. Income statement.c. Statement of cash flows.d. Statement of owner's equity.e. Financial Status Statement.

Answer 1

a. Balance sheet.

Step-by-step explanation:

Balance sheet is a statement showing the net results and balances of each assets, equity and liabilities on a particular date.

This is an important part of financial statements as prepared generally at each year end.

All other statements do not include the balances of assets, liabilities, and equity as on a single date, rather they are prepared for changes in the entire functional period, generally a year.

The correct option is:

a. Balance Sheet