Final answer:
A balance sheet is a financial statement that shows a company's assets and liabilities on a specific date, displayed in a T-account format.
Step-by-step explanation:
The financial statement that presents the financial position of a company on a particular date is known as a balance sheet. This statement is represented in a two-column format known as a T-account, highlighting the company's assets and liabilities. Assets include anything of value the company owns, such as cash or property. Liabilities represent debts or obligations, like loans or mortgages. The difference between the total assets and liabilities reflects the company's net worth or capital. The balance sheet is a snapshot of the company's finances at a specific point in time, unlike other financial statements that cover a period.