The balance sheet heading will specify a:

Definitely Point of time

Balance sheetis normally made to know the position of assets and liabilities at a certain point of time

Whereas, Income statement is prepared for a period…… 

period of time

For my answer to this question,  is A. Period of time

A

balance sheet represent the financial position in a point of time but income statment represent the performance of operation over a period of time

Balance Sheet presents the financial position of a company at a specific point in time (i.e. at31st Dec2XXX) 

Income Statement presents the earnings and expenses over a specific period of time (i.e. from1st Jan2XXX to31st Dec2XXX)

Example excerpt from an audit report:

We have audited the accompanying balance sheet of ABC Company (the “Company”) as at31 December2012 and the related statements of income, cash flows and changes in shareholders’ equity for period from1 January2012 to31 December2012 (the “period”).

Balance sheet represent at point of time 

Income statement represent at period of time 

Balance Sheet heading usually say "as at" and Income Statement "from-to".

So its simple - Balance sheet is for Point of time and Income Statement is for Period of time.

Answer B Point of time

B

a specific point of time  because balance sheet represent financial position of a company on a specific dated