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    Question

    Which financial statement shows the company’s

    financial position at a specific point in time?
    A Income Statement Correct Answer Incorrect Answer
    B Balance Sheet Correct Answer Incorrect Answer
    C Statement of Cash Flows Correct Answer Incorrect Answer
    D Statement of Retained Earnings Correct Answer Incorrect Answer

    Solution

    The balance sheet shows the company’s assets, liabilities, and owners' equity at a specific point in time. It provides a snapshot of the company's financial position, reflecting what the company owns and owes, as well as the owner's equity at that moment.

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