The balance sheet lists final account balances for which of the following elements of financial statements?
A) Assets and liabilities
B) Income and expenses
C) Assets, liabilities and owners' equity
D) Income, expenses and profit and loss

Question

Quizplus · Accepted Answer

The balance sheet is a statement of financial position that lists the final account balances for assets, liabilities, and owners' equity. It does not include information about income and expenses or profit and loss, which are reported on the income statement.

The Balance Sheet Lists Final Account Balances for Which of the Following