What document summarizes the financial position of a business at a specific point in time?

The balance sheet is the document that summarizes the financial position of a business at a specific point in time. It provides a snapshot of what a company owns (assets) and what it owes (liabilities), along with the equity that belongs to the owners. This is crucial for stakeholders to assess the financial stability and overall health of the business.

The balance sheet is distinctive because it captures figures on a specific date, such as the end of a fiscal quarter or year. This time-bound nature differentiates it from other financial statements, which cover a period of time.

In contrast, the income statement shows the company's revenues and expenses over a period, helping to assess operational performance but not providing a snapshot of its financial position at a single moment. The tax return details various tax obligations and is influenced by the income statement but does not summarize financial position. The cash flow statement illustrates cash inflows and outflows during a period, focusing on the movement of cash rather than the overall financial standing at a point in time. Therefore, the balance sheet is the correct answer when determining the financial position at a specific moment.