The balance sheet identifies and quantifies the firm's assets and liabilities.

Name: The balance sheet identifies and quantifies the firm's assets and liabilities.
Brand: Quizplus
Rating: 4.7 (49 reviews)

Question

Quizplus · Accepted Answer

This is a correct statement. The balance sheet is one of the primary financial statements that provides a snapshot of a company's financial position at a specific point in time. It lists all of the company's assets and liabilities, and calculates the difference between the two as the owner's equity or shareholder's equity.

The Balance Sheet Identifies and Quantifies the Firm's Assets and Liabilities