The financial statement that reports assets,liabilities,and stockholders' equity as of the last day of the period is called the ________.
A)income statement
B)statement of owner's equity
C)balance sheet
D)unadjusted trial balance

Question

Quizplus · Accepted Answer

The balance sheet reports the financial position of a company by listing its assets, liabilities, and stockholders' equity as of a specific date (usually the last day of the period). The income statement reports the company's revenues and expenses over a period of time, while the statement of owner's equity shows changes in the owner's investment in the company over time. The unadjusted trial balance is a preliminary report used to check the accuracy of a company's accounting records.

The Financial Statement That Reports Assets,liabilities,and Stockholders' Equity as of the Last