In financial accounting, a balance sheet lists which of the following at a specific point in time?

• A. Revenues and expenses for the period
• B. Cash receipts and cash payments for the period
• C. Assets, liabilities, and stockholders' equity
• D. Changes in stockholders' equity from operating activities only

Answer: (C)

Verified step by step guidance

1. Understand that a balance sheet is a financial statement that reports a company's financial position at a specific point in time, unlike other statements that cover a period of time.
2. Recall the three main components of a balance sheet: assets, liabilities, and stockholders' equity. These represent what the company owns, what it owes, and the residual interest of the owners, respectively.
3. Recognize that revenues and expenses are reported on the income statement, which covers a period of time, not on the balance sheet.
4. Identify that cash receipts and cash payments are part of the cash flow statement, which also covers a period of time, not a single point in time.
5. Conclude that the balance sheet lists assets, liabilities, and stockholders' equity at a specific point in time, reflecting the company's financial position on that date.