What financial document provides a snapshot of assets, liabilities, and equity?

The Balance Sheet is the financial document that provides a snapshot of a company's assets, liabilities, and equity at a specific point in time. It presents a clear picture of what the company owns (assets), what it owes (liabilities), and the residual interest of the owners (equity). This document is fundamental for assessing the financial health of a business and allows stakeholders to gauge the company's liquidity and overall financial stability.

In contrast, the Income Statement focuses on the revenues and expenses over a period, thereby showing how much money the company made or lost during that time. The Cash Flow Sheet illustrates the inflow and outflow of cash within the business, detailing how cash is generated and used through operating, investing, and financing activities. The Expense Sheet, while it tracks various costs incurred by a business, does not encompass the complete picture of financial position that the Balance Sheet provides. Therefore, the Balance Sheet uniquely encapsulates the essential elements that define the financial standing of an organization at a specific moment.