The budgeted balance sheet is usually not presented in one of the following formats:
• Account format: assets = liabilities plus owner's equity
• Report format: assets less liability = owner's equity

Question

Quizplus · Accepted Answer

The budgeted balance sheet can be presented in both the account format (assets = liabilities plus owner's equity) and the report format (assets less liabilities = owner's equity), as these are standard ways of organizing financial statements.

The Budgeted Balance Sheet Is Usually Not Presented in One