Which of the following is the correct order for the balance sheet?
A) assets, owners' equity, liabilities
B) owners' equity, financial position, assets
C) assets, liabilities, owners' equity
D) owners' equity, assets, liabilities

Question

Quizplus · Accepted Answer

The correct order for the balance sheet is assets, liabilities, and then owners' equity. This order represents the business's resources, its obligations, and the residual interest of its owners. Option A is incorrect because it incorrectly lists owners' equity before liabilities. Option B is incorrect because "financial position" is not a standard section of the balance sheet. Option D is incorrect because it places assets before owners' equity.

Which of the Following Is the Correct Order for the Balance