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.

Financial Statement

Documents that present the financial activities and condition of a business, including the balance sheet, income statement, and cash flow statement.

Statement of Retained Earnings

This report outlines the fluctuation in a company’s retained earnings over a particular accounting timeframe, incorporating elements like net profits and dividend distributions.

Cash Flow Statement

A financial document summarizing the total cash received by a company from its operational activities and external investments, alongside all expenditures on operations and investments within a specific timeframe.