Which financial statement provides information about assets, liabilities, and equity at a point in time?

• A. Balance Sheet.
• B. Income Statement.
• C. Statement of Cash Flows.
• D. Statement of Changes in Equity.

Answer: (C)

The key idea is identifying which financial statement shows a company’s financial position at a single date. The balance sheet presents assets, liabilities, and owners’ equity as of a specific point in time, giving a snapshot of what the company owns, owes, and the residual interest at that moment. In contrast, the income statement shows performance over a period (revenues and expenses), the statement of cash flows tracks cash movements over a period, and the statement of changes in equity details how equity components change over time. So for a point-in-time view of financial position, the balance sheet is the best answer.