Which financial statement provides a snapshot of an organization's assets and liabilities at a specific point in time?

The correct answer is the Balance Sheet, as it is the financial statement specifically designed to present a snapshot of an organization's assets, liabilities, and equity at a particular moment in time. This statement is fundamental in financial reporting because it reveals the company's financial position and provides insight into its net worth by showing what it owns (assets) versus what it owes (liabilities). The difference between these two components represents the shareholders' equity.

In contrast, the Income Statement details revenues and expenses over a period, helping users assess the organization's operational performance rather than its financial standing at a specific point. The Cash Flow Statement tracks the flow of cash in and out of the business, illustrating how cash is generated and used over a period. Lastly, the Statement of Retained Earnings focuses on changes in retained earnings over a specific timeframe and does not provide the complete financial position of the company at a single point in time. Therefore, the Balance Sheet is the relevant statement for determining the assets and liabilities at a specific instant.