_________ is a record of assets and liabilities of any firm.

Correct option is C

A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and equity, and shows how these three components are related to each other.
 The balance sheet provides information about what the company owns (assets), what it owes (liabilities), and the portion of the company that belongs to its owners (equity).
 Assets are listed on the left-hand side of the balance sheet, while liabilities and equity are listed on the right-hand side.
 The balance sheet follows the fundamental accounting equation, which states that assets must always equal the sum of liabilities and equity.
 This means that the balance sheet is always in balance and provides an accurate representation of a company's financial position.