Which of the following shows the financial position of a business on a given date?
Answer Details
The financial statement that shows the financial position of a business on a given date is the "Balance Sheet." A balance sheet is a financial statement that provides a snapshot of a company's financial health at a specific point in time by showing the company's assets, liabilities, and equity. The balance sheet is typically created at the end of a reporting period, such as a fiscal year or quarter, and it shows the company's financial position by providing an overview of what the company owns (assets), what it owes (liabilities), and the difference between the two (equity).