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

Balance sheet

The correct answer is Option (3) - Balance sheet

• The balance sheet is a financial statement that lists a company's assets, liabilities, equity capital, total debt, and other items as of a particular point in time.
• Liabilities are listed on the opposite side of the balance sheet from assets.
• One of the three primary financial statements used to assess a company is the balance sheet. It offers a summary of a company's financial situation as of the publication date.
• The assets on the balance sheet are equal to the total of the liabilities plus the shareholders' equity.
• Financial ratios are computed using balance sheets by fundamental analysts.