The ________ shows what assets the business owns and what claims creditors and owners have against those assets, and is built on the basic accounting equation: Assets = Liabilities + Owner's Equity.
A)income statement
B)sources and uses of funds statement
C)balance sheet
D)cash budget

Question

Quizplus · Accepted Answer

The balance sheet shows a company's assets, liabilities, and equity, and is based on the accounting equation of Assets = Liabilities + Owner's Equity. The income statement shows a company's revenues, expenses, and net profit or loss over a period of time. The sources and uses of funds statement shows how the company is using its funds, while the cash budget outlines the company's expected cash inflows and outflows over a given time period.

The ________ Shows What Assets the Business Owns and What