Question: What is the purpose of the balance sheet in accounting?

Options:

A$)$ To show the revenues, expenses, and net income of a company for a specific period.

B$)$ To report the financial position of a company at a specific point in time, showing its assets, liabilities, and equity.

C$)$ To summarize the cash flows into and out of a company during a specific period.

D$)$ To provide detailed information about the company's financial performance over time.