A balance sheet:
A) is classified into operating, investing and financing activities.
B) measures the entities financial performance.
C) lists assets, liabilities and equity at a specific point in time.
D) shows how profit was determined.

Question

Quizplus · Accepted Answer

A balance sheet lists assets, liabilities, and equity at a specific point in time, and does not measure financial performance, nor does it classify activities or show how profit was determined.

A Balance Sheet