Finra Exam Series-7 Topic 3 Question 93 Discussion

Actual exam question for Finra's Series-7 exam

Question #: 93
Topic #: 3

[All Series-7 Questions]

The accounting statement that represents a company's financial position on a particular date is the:

Aincome statement

Bbalance sheet

CProfit and Loss

Dcash flow statement

Show Suggested Answer

Suggested Answer: B

balance sheet. This report reflects the entire condition of the company by showing all assets, liabilities, and components of net worth.

by Tamesha at Jul 14, 2024, 03:51 PM

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Tiffiny

6 months ago

Hey, I heard the balance sheet is like the company's dating profile - it's all about the assets and liabilities, baby!

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Lili

5 months ago

D) cash flow statement

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Ciara

5 months ago

C) Profit and Loss

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Leonardo

5 months ago

B) balance sheet

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Coletta

6 months ago

A) income statement

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Vannessa

6 months ago

Profit and Loss? Sounds like a bad country song. The balance sheet is the true financial anthem!

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Dierdre

6 months ago

Cash flow statement? That's like trying to read a crystal ball. The balance sheet is the real deal!

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Callie

6 months ago

Yeah, the cash flow statement can be tricky to interpret, but the balance sheet is more straightforward.

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Cherry

6 months ago

I agree, the balance sheet gives a clear snapshot of a company's financial position.

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Audra

7 months ago

That makes sense, the balance sheet includes assets, liabilities, and equity at a specific point in time.

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Reita

7 months ago

But the question asks for the financial position on a particular date, so it must be the balance sheet.

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Shaun

7 months ago

Income statement? Nah, that's just like looking at the past. The balance sheet is where it's at!

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Derrick

6 months ago

I always look at the balance sheet first to see how the company is doing financially.

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Emerson

6 months ago

The balance sheet is crucial for understanding the company's assets and liabilities.

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Peggie

6 months ago

Yeah, the income statement is important too, but the balance sheet shows the big picture.

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Marshall

6 months ago

I agree, the balance sheet gives a snapshot of the company's financial health.

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Ben

7 months ago

I think it's A) income statement, because it shows the company's financial performance over a period of time.

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Audra

7 months ago

I agree with Reita, the balance sheet shows the company's financial position at a specific date.

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Ethan

7 months ago

The balance sheet is the way to go, it's like a snapshot of the company's financial health!

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Arthur

7 months ago

Yeah, it's important to see how much the company owns and owes at a specific point in time.

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Laurel

7 months ago

I agree, the balance sheet gives a clear picture of the company's assets and liabilities.

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Reita

7 months ago

B) balance sheet

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