Final answer:
A financial statement can be a balance sheet or an income statement. The balance sheet lists assets and liabilities to calculate net worth, while an income statement summarizes income and expenses. The correct option is C. financial statement
Step-by-step explanation:
A summary of some aspect of an organization's financial status, such as a balance sheet or an income statement, is known as a financial statement. Specifically, a balance sheet is a financial statement that lists an organization's assets and liabilities.
An asset represents value owned, like cash or a home, while a liability is a debt or obligation, like a mortgage. When subtracting liabilities from assets, we derive the organization's net worth or capital.
The balance sheet shows this information in a two-column format, often referred to as a T-account. On the other hand, an income statement is another type of financial statement that summarizes income and expenses over a period, showing the company's financial performance. The correct option is C. financial statement