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The Balance Sheet is the financial statement that presents a company’s financial position at a specific point in time. It provides a snapshot that includes the company’s assets, liabilities, and equity. This information allows users to assess the company's overall financial health and its ability to meet both short-term and long-term obligations.

Unlike the other financial statements, which cover a period of time (such as a quarter or a year), the Balance Sheet is prepared as of a specific date, giving stakeholders a clear view of what the company owns and owes at that moment. This distinction is important for understanding how resources are allocated and for evaluating the company’s solvency and liquidity.

The Income Statement, on the other hand, summarizes revenues and expenses to show profitability over a specified period. The Statement of Cash Flows reflects cash inflows and outflows over a period, providing insight into a company’s liquidity from operations, investing, and financing activities. The Statement of Shareholders' Equity focuses on changes in equity components over time, presenting how retained earnings and other equity items have changed during a specific period.