Which of the following statement measure the financial position of the entity on particular time?

A. Income Statement
B. Balance Sheet
C. Cash Flow Statement
D. Statement of Retained Earning

Answer

Correct Answer: B. Balance Sheet

Detail about Mcqs

The Balance Sheet, also known as the Statement of Financial Position, provides a snapshot of an entity’s financial position at a specific point in time. It shows the company’s assets, liabilities, and shareholders’ equity at that particular moment. The Income Statement, Cash Flow Statement, and Statement of Retained Earnings, on the other hand, report financial activities and performance over a period of time.

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