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Balance Sheet Basics. Your balance sheet (sometimes called a statement of financial position) provides a snapshot of your practice's financial status at a particular point in time. This financial statement details your assets, liabilities and equity, as of a particular date. Although a balance sheet can coincide with any date, it is usually prepared at the end of a reporting period, such as a month, quarter or year.
User: Which statement is prepared for only one date? A. Income statement B. Statement of cash flows C. Balance sheet D. Statement of ownerâs equity. Weegy: The statement that prepared for only one date is Income statement. Expert answered|imYoung|Points 428|.