1. Which of the following financial statements provides a snapshot of a company's financial position at a specific point in time? A. Balance sheet B. Income statement C. Cash flow statement D. Statement of changes in equity Correct answer: A. Balance sheet Rationale: The balance sheet provides information about a company's assets, liabilities, and equity at a specific point in time. 2. Which financial statement shows a company's revenues and expenses over a period of time? A. Balance sheet B. Income statement C. Cash flow statement D. Statement of changes in equity Correct answer: B. Income statement Rationale: The income statement shows a company's revenues and expenses over a specific period of time, typically a quarter or a year.