Which financial statement represents what the company owns and owes as of a specific date?
A)income statement
B)trial balance
C)cash flow statement
D)balance sheet

Question

Quizplus · Accepted Answer

The balance sheet represents what the company owns (assets) and owes (liabilities) as of a specific date. The income statement shows a company's financial performance over a period of time, the trial balance is a list of all accounts in the ledger with their balances, and the cash flow statement shows the inflow and outflow of cash during a specific period.

Which Financial Statement Represents What the Company Owns and Owes