The _____ discloses the economic resources of the organization and the claims against those resources.
A)balance sheet
B)income statement
C)statement of cash flows
D)statement of retained earnings

Question

Quizplus · Accepted Answer

The balance sheet discloses the economic resources (assets) of the organization and the claims against those resources (liabilities and equity). The income statement shows the revenues and expenses of the organization over a period of time, the statement of cash flows shows the sources and uses of cash during a period, and the statement of retained earnings shows the changes in retained earnings over a period.

The _____ Discloses the Economic Resources of the Organization and the Claims