Business FinancesQuestion 1138 of 1632
Which financial statement reports a company's assets, liabilities, and owner's equity at a single point in time?
a.The job cost report, by project
b.The cash flow report, by week
c.The balance sheet, as of one date
d.The income statement, over a period
Explanation
The balance sheet is a snapshot at a single date showing assets, liabilities and owner's equity, and it obeys Assets = Liabilities + Owner's Equity. The income statement covers a span of time and reports revenue less expenses. The cash flow statement also covers a span, tracking money in and out rather than assets owned. A job cost report is internal and reports one project's costs against its estimate, not the company's financial position.
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Reviewed by Abraham Chen — Licensed California General Contractor (CSLB License #1101856 — verify)