A balance sheet is a financial statement that:

a. reports the cash flows of a firm as of a specified date.

b. reflects the firm's accounting value on a particular date.

c. records the revenues and expenses for a firm over a period of time.

d. reflects the market value of a firm as of the statement date.

e. reports the net income for a designated period of time based on the Generally Accepted Accounting Principles (GAAP).