Which of the following statements accurately describes the purpose of a balance sheet?

A) It summarizes the revenues and expenses for a specific period.

B) It provides a snapshot of a company’s assets, liabilities, and equity at a given point in time.

C) It shows the cash inflows and outflows over a period.

D) It details the changes in retained earnings during the year.


Answer

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  • Last Updated Oct 01, 2025
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  • Answered By Veanna Burner

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