What financial document provides a snapshot of a company’s financial condition at a specific point in time?

The balance sheet is the financial document that provides a snapshot of a company’s financial condition at a specific point in time. It presents a detailed overview of what a company owns (assets), what it owes (liabilities), and the residual interest of the owners (equity) at that particular moment. This is critical for understanding the financial health of a business, as it captures the financial position at a unique date, reflecting the accumulation of all transactions that have occurred up to that point.

In contrast, the income statement, while useful for assessing profitability over a period by detailing revenues and expenses, does not give a point-in-time view. Similarly, the cash flow statement focuses on the inflows and outflows of cash over a specific duration, providing information on a company's liquidity rather than its overall financial standing at a single moment. The profit and loss statement is essentially another term for the income statement and shares the same limitation regarding time frames. Therefore, for a snapshot of a company’s financial condition at a specific time, the balance sheet is the appropriate document.