What does the fundamental accounting equation 'Assets = Liabilities + Equity' signify in the context of a balance sheet?

• A. It details changes in stockholders' equity over time.
• B. It represents the company's financial position at a specific point in time.
• C. It tracks the inflows and outflows of cash over a period.
• D. It shows the company's profitability over a period of time.

Answer: (B)