The financial statement that shows assets,liabilities,and owners' equity is known as
A) income statement.
B) balance sheet.
C) cash flow statement.
D) profit margin statement.
E) profit and loss statement.

Question

Quizplus · Accepted Answer

The balance sheet is the financial statement that shows the assets, liabilities, and owners' equity of a company. It provides a snapshot of the company's financial position at a specific point in time. The income statement, cash flow statement, profit margin statement, and profit and loss statement all provide different types of financial information but do not include all the elements of the balance sheet.

The Financial Statement That Shows Assets,liabilities,and Owners' Equity Is Known