The balance sheet reports
A) liabilities.
B) revenue.
C) expenses.
D) net income.

Name: The balance sheet reports A) liabilities. B) revenue. C) expenses. D) net income.
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Question

Quizplus · Accepted Answer

The balance sheet reports the assets, liabilities, and equity of a company at a specific point in time. Therefore, the best choice is liabilities, which is one of the key components of the balance sheet. The other choices, revenue, expenses, and net income, are all components reported on the income statement.

The Balance Sheet Reports