Which report is vital for a business to ascertain its financial health at a glance?

The Balance Sheet is vital for a business to ascertain its financial health at a glance because it provides a comprehensive snapshot of the company's assets, liabilities, and equity at a specific point in time. This report allows stakeholders to assess the liquidity, solvency, and financial stability of the business. By summarizing what the company owns and owes, the Balance Sheet enables management and investors to understand the overall financial position and make informed decisions regarding operations, investments, and financing.

While other reports such as the Profit and Loss report and the Statement of Cash Flows provide essential insights into profitability and cash management, they reflect performance over a period of time. The Balance Sheet, on the other hand, offers immediate visibility into the company's financial standing at a particular moment, making it a critical tool for assessing health and sustainability.