A statement of the assets owned and liabilities owed at a specific point in time is known as:

• A balance sheet is a fundamental financial statement that provides a snapshot of a company's financial health at a specific date. It categorizes and summarizes:
-Assets: Resources owned by the company, such as cash, inventory, property, equipment, and investments.
-Liabilities: Debts owed by the company to creditors, such as loans payable, accounts payable, and taxes payable.
-Owner's Equity (Shareholder's Equity): The amount of money invested by owners (shareholders) minus the total liabilities. This represents the net worth of the company.
The balance sheet equation holds true: Assets = Liabilities + Owner's Equity. This equation ensures that the total value of everything a company owns (assets) is financed by either debt (liabilities) or investment from the owners (equity).

• Explanation of 📌Other Options:
-(b) Income Statement: This statement focuses on a company's financial performance over a specific period, typically a month, quarter, or year. It shows the revenue earned, expenses incurred, and net profit or loss during that period.
-(c) Cash Reserve Ratio: This is a banking regulation that dictates the minimum amount of cash a bank must hold as reserves relative to its total deposits.
-(d) Cash Flow Chart: This visualizes the movement of cash into and out of a company over a specific period. It helps understand how a company generates and spends cash for operational, investing, and financing activities.
Key Points
A Balance Sheet refers to a financial statement that reports a company's assets, liabilities, and shareholder equity at a specific point in time.
-It is key to both financial modelling and accounting.
-It can also be referred to as a statement of net worth or a statement of financial position.
-It adheres to an equation that equates assets with the sum of liabilities and shareholder equity.
-It takes into account the credit as well as debit balances of a company’s current and personal accounts.
As such, the balance sheet is divided into two sides (or sections).
-The left side of the balance sheet outlines all of a company’s assets.
-On the right side, the balance sheet outlines the company’s liabilities and shareholders’ equity.​