Which financial statement shows a contractor's assets, liabilities, and equity at a specific point in time?

Explanation

The balance sheet is the point-in-time statement: it lists what the business owns, what it owes, and the owner's equity as of one date, which is why it is sometimes called the statement of financial position. Each wrong answer is a real statement covering a PERIOD rather than a moment. The income statement reports revenue, cost and profit over a period. The statement of cash flows reports cash in and cash out over a period. And the job cost report is an internal document that sets actual cost against the estimate for one project; it is the contractor's most useful report and it is not a financial statement at all.