Final answer:
The balance sheet is the 'big picture' report in financial statements, offering a snapshot of a company's financial status at a specific time.
Explanation:
Balance sheet is considered the "big picture" report as it provides a snapshot of a company's financial position at a specific point in time, detailing assets, liabilities, and equity. Unlike the income statement that focuses on a company's financial performance over a period, the balance sheet gives a static overview of what the company owns and owes.
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