The statement of the assets and liabilities of an entity is referred to as ________.

Question

Quizplus · Accepted Answer

The statement of the assets and liabilities of an entity is commonly known as the balance sheet. It provides a snapshot of the entity's financial position at a specific point in time, including its assets, liabilities, and equity. The balance sheet is an essential financial statement used by investors, creditors, and other stakeholders to evaluate the financial health of the entity.

The Statement of the Assets and Liabilities of an Entity