Which of the following financial statements is concerned with the enterprise at a specific point in time?

I. Balance sheet
II. Statement of cash flows
III. Statement of owners' equity
IV. Income statement

Correct Answer: I only

I. The balance sheet concerns the enterprise at a specific point in time. The purpose of the balance sheet is to show the financial position of a business on a certain date, usually at the end of a month or year.

The statement of cash flows shows the cash produced by operations and investing and financing transactions that take place over a period of time. The statement of owners' equity shows the changes in owners' equity over a period of time. The income statement summarizes the revenues earned and expenses incurred by a business over a period of time.