Which financial statement provides a snapshot of an organization's financial position at a specific point in time?

The balance sheet is the financial statement that presents a company's financial position at a specific point in time, making it essential for assessing the organization’s stability and liquidity. It includes a detailed summary of an entity's assets, liabilities, and equity, showing what the organization owns and owes. This snapshot allows stakeholders, such as investors and management, to quickly understand the overall financial health of the organization at that moment.

In contrast, the income statement reflects the organization’s financial performance over a period of time, detailing revenues and expenses to show profit or loss. The statement of cash flows focuses on the inflow and outflow of cash, highlighting liquidity movements over time rather than a moment in time. The statement of retained earnings outlines changes in equity and retained earnings but does not provide a complete view of the organization's financial position. Thus, the balance sheet uniquely fulfills the requirement for a financial position snapshot.