Xavier wants to know how much his company owns and how much it owes.He should look at the:
A)balance sheet.
B)income statement.
C)cash flow statement.
D)asset list.

Question

Quizplus · Accepted Answer

The balance sheet provides a snapshot of a company's financial position by showing its assets, liabilities, and equity at a specific point in time. This will allow Xavier to see how much his company owns (assets) and how much it owes (liabilities). The income statement shows a company's revenues and expenses over a period of time, the cash flow statement shows the inflows and outflows of cash, and the asset list simply lists the company's assets without showing any liabilities or equity.

Xavier Wants to Know How Much His Company Owns and How