Which financial statement summarizes an organization’s assets, liabilities, and owners' equity at a specific point in time?

The balance sheet is the financial statement that provides a snapshot of an organization's financial position at a specific point in time. It details the organization’s assets, which are resources owned by the company, liabilities, which are obligations that the company owes to others, and owners' equity, which represents the residual interest in the assets of the company after deducting liabilities. This structure allows stakeholders to assess the company's financial health and make informed decisions based on the company’s ability to meet its obligations and utilize its resources.

In contrast, the income statement focuses on the company’s financial performance over a specific period, detailing revenues and expenses to show profitability. The statement of cash flows provides insight into the cash inflows and outflows over a period, emphasizing liquidity rather than the overall financial position. The profit and loss statement is essentially another term for the income statement and also does not summarize a company’s financial position at a single point in time. Thus, the balance sheet uniquely fulfills the requirement outlined in the question.