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

question 221

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 retained earnings.
• D)Cash flow statement.
• E)Trial balance.

---

Definitions:

Maximize Utility

The economic principle that individuals or firms seek to achieve the highest level of satisfaction or profit from their actions and choices.

Household Objective

Household objective often refers to the financial or lifestyle goals and priorities set by a household, such as achieving savings, buying a home, or securing education for children.

Wealth

The total value of all financial assets and physical possessions owned by an individual, household, or nation, exceeding all its liabilities.

Opportunity Cost

The cost of foregone alternatives, the value of the best alternative given up when a decision is made to choose one option over another.