A balance sheet shows:
A) the financial performance of a business for a specific period of time.
B) the financial position of a business at a specific point in time.
C) both the financial performance and financial position of a business at a specific point in time.
D) the titles of all account in the general ledger, the debit or credit balances of each account and the totals of the debit and credit balances

Question

Quizplus · Accepted Answer

balance sheet shows assets - liabilities = owner's equity, or the financial position at a specific point in time

A Balance Sheet Shows