An accounting report that shows the changes in capital during the accounting period is
A) a balance sheet.
B) an income statement.
C) a statement of owner's equity.
D) All of these answers are correct.

Question

Quizplus · Accepted Answer

A statement of owner's equity is the accounting report that shows the changes in capital during the accounting period, as it reports the beginning balance, any contributions or withdrawals, and the net income or loss for the period to arrive at the ending balance. Both a balance sheet and income statement provide important financial information but do not specifically show changes in capital.

An Accounting Report That Shows the Changes in Capital During