Which financial statement discloses the economic resources of the organization and the claims against those resources?
A) income statement
B) statement of cash flows
C) statement of retained earnings
D) balance sheet

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 reports on the organization's revenue and expenses over a period of time, the statement of cash flows reports on the cash inflows and outflows during a period, and the statement of retained earnings shows changes in the amount of earnings retained by the organization over a period.

Which Financial Statement Discloses the Economic Resources of the Organization