Which of the following items would not be included on a balance sheet?
A)Balances owed on your utility bills
B)Balances owed on your credit card(s)
C)Mortgage payment paid
D)Automobile loan balance
E)Student loan balance

Question

Quizplus · Accepted Answer

Mortgage payment paid is not included on a balance sheet because it represents a specific payment made against a liability, rather than the current outstanding balance of a liability or an asset at a point in time. Balance sheets capture the balances of assets, liabilities, and equity at a specific moment, not the transactions that occur between those moments.

Which of the Following Items Would Not Be Included on a Balance