Which term refers to financial statements that show a company's financial position at a specific time?

A balance sheet is a financial statement that provides a snapshot of a company's assets, liabilities, and equity at a specific point in time. This statement is crucial for stakeholders to assess the financial health and stability of a company. By detailing what the company owns and owes, the balance sheet helps in determining how much equity shareholders hold in the company and reflects the company’s net worth at that moment.

The income statement, while valuable, focuses on the company's performance over a period of time, detailing revenues and expenses to show profit or loss. The cash flow statement also covers a period, illustrating the cash generated and used during that time, which aids in understanding liquidity rather than current financial standing. The statement of changes in equity explains how the equity section of the balance sheet has changed, but it does not summarize the company's position at a specific moment. Therefore, the balance sheet stands out as the document that specifically reflects the company’s financial position at a particular time.