Which Financial Statement Reports an Organization's Financial Position at a Single

question 56

Multiple Choice

Which financial statement reports an organization's financial position at a single point in time?

• A)Income statement.
• B)Balance sheet.
• C)Statement of owner's equity.
• D)Cash flow statement.
• E)Trial balance.

---

Definitions:

Non Est Factum

A legal defense claiming a contract is invalid because it was misunderstood or misrepresented at the time of signing, not reflective of the signer's intent.

Unconscionability

A condition in contract law where an agreement is deemed unjust or extremely one-sided in favor of the party with superior bargaining power.

Duress

A condition where a person performs an act as a result of violence, threat, or other pressures against them, undermining their free will.

Privity of Contract

A legal doctrine stating that only parties involved in a contract are entitled to enforce it or be sued under it.