US CMA Part 1 · Chapter 1 · Question 1 of 23
Which financial statement reports a company's assets, liabilities and equity as at a specific date?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) The balance sheet (statement of financial position)
Explanation
The balance sheet is a snapshot of financial position at a point in time. The income statement, statement of cash flows and statement of changes in equity all report activity over a period of time.
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