A(n)_____ is a financial statement that is directly based on the accounting equation.
A)balance sheet
B)income statement
C)statement of cash flows
D)statement of changes in retained earnings

Question

Quizplus · Accepted Answer

The balance sheet is directly based on the accounting equation, which is Assets = Liabilities + Equity. It provides a snapshot of a company's financial position at a specific point in time by listing its assets, liabilities, and equity.

A(n)_____ Is a Financial Statement That Is Directly Based on the Accounting