The _____ reports the financial position of a firm by identifying and reporting the value of the firm's assets, liabilities, and owners' equity.
A)balance sheet
B)profit and loss statement
C)statement of retained earnings
D)statement of cash flows

Question

Quizplus · Accepted Answer

The balance sheet reports the financial position of a firm by identifying and reporting the value of the firm's assets, liabilities, and owners' equity. The profit and loss statement and the statement of retained earnings report on the firm's financial performance, while the statement of cash flows reports on the inflows and outflows of cash over a period of time.

The _____ Reports the Financial Position of a Firm by Identifying