Question $7$

Which of the following is the most correct definition of a balance sheet?

The difference between what you have and what you owe.

A "snapshot" of what you have and what you owe at a specific point in time.

A summary of how much cash came in and where it came from as well as how much cash went out

and where it went over a period of time; often one year.

A summary of planned expenses for a period of time; usually one year.