What document summarizes a firm's assets, liabilities, and owner's equity at a particular date?

The document that summarizes a firm's assets, liabilities, and owner's equity at a specific point in time is the balance sheet. This financial statement provides a snapshot of the company’s financial position, allowing stakeholders to understand what the company owns (assets), what it owes (liabilities), and the residual interest of the owners (equity).

The balance sheet is structured in a way that the total assets are always balanced by the sum of liabilities and owner's equity, which is a fundamental principle of accounting. This format is crucial for assessing the health of a business, as it gives insight into the liquidity, financial stability, and capital structure of the organization at the date the balance sheet is prepared.

In contrast, the income statement details the company's revenue and expenses over a period of time, reflecting the company's performance rather than its financial position. A budget report typically outlines projected revenue and expenses, guiding future financial planning rather than summarizing current assets and liabilities. Meanwhile, the cash flow statement focuses on the cash inflows and outflows within a company over a certain period, providing insights into liquidity rather than a fixed point in time financial position.