Final answer:
The balance sheet is the financial statement that provides a snapshot of a company's financial status at a specific point in time, detailing the firm's assets, liabilities, and equity.
Step-by-step explanation:
The financial statement that provides information for a point in time only is the balance sheet. A balance sheet presents a snapshot of a company's financial condition at a specific moment, outlining the assets, liabilities, and shareholders' equity.
Regarding how firms choose between financial capital sources, it's important to note that borrowing capital through loans or bonds requires a firm to pay regular interest, regardless of income. While borrowing permits a firm to maintain control and avoid shareholder influence, issuing stock means selling part of the company to the public, thus involving shareholders and a board of directors in governance.
A bank's balance sheet operates similarly, listing assets, liabilities, and net worth, with bank capital representing its financial stability. Yet, this statement only provides information as of the closing date of the reporting period, not over a period of time as some other financial statements do.