Which of the following account titles would not be appropriate for a company that prepared its financial statements using the tax basis of accounting?
A)Balance Sheet
B)Statement of Assets,Liabilities,and Owner's Equity
C)Statement of Revenue and Expenses
D)Statement of Change in Partners' Capital Accounts

Question

Quizplus · Accepted Answer

The term "Balance Sheet" is typically used in financial statements prepared under GAAP or IFRS, not under the tax basis of accounting, which uses titles like "Statement of Assets, Liabilities, and Owner's Equity."

Which of the Following Account Titles Would Not Be Appropriate