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    Question

    Which of the following financial statements shows a

    company's assets, liabilities, and equity at a specific point in time?
    A Balance sheet Correct Answer Incorrect Answer
    B Income statement Correct Answer Incorrect Answer
    C Statement of cash flows Correct Answer Incorrect Answer
    D Statement of changes in equity Correct Answer Incorrect Answer

    Solution

    A balance sheet is a financial statement that shows a company's financial position at a specific point in time. It provides a snapshot of a company's assets, liabilities, and equity, which are the three main components of the accounting equation.

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