Which one of the following financial statements conveys shows a relationship of equality between assets and liabilities plus owners' equity?
A)income statement
B)statement of cash flows
C)balance sheet
D)statement of retained earnings

Question

Quizplus · Accepted Answer

The balance sheet conveys the relationship of equality between assets and liabilities plus owners' equity. It presents the financial position of the company at a specific point in time. The income statement and statement of retained earnings show the performance of the company over a period of time, while the statement of cash flows shows the inflows and outflows of cash during a period but does not necessarily indicate equality between assets and liabilities plus owners' equity.

Which One of the Following Financial Statements Conveys Shows a Relationship