Bernard has just learned that on the statement of financial position, the assets must equal the ___________ plus the _______________.
A)money borrowed from others; money invested by the owners
B)trade receivables; trade and other payables
C)accumulated depreciation; asset value
D)net profit; retained earnings

Question

Quizplus · Accepted Answer

The statement of financial position, also known as the balance sheet, follows the accounting equation: Assets = Liabilities + Equity. "Money borrowed from others" represents liabilities, and "money invested by the owners" represents equity.

Bernard Has Just Learned That on the Statement of Financial