The most appropriate definition of a balance sheet is that it is a statement that shows
A)a balance between one's goals and resources available to achieve them.
B)a realistic balance between income and expenses for an upcoming period.
C)your wealth (net worth)as of a specific date.
D)how to balance your financial books of account.

Question

Quizplus · Accepted Answer

A balance sheet is a financial statement that shows an individual or business's assets, liabilities, and equity (net worth) as of a specific date. It provides a snapshot of an entity's financial position at a given point in time. Choice A is incorrect because it describes a personal or business strategy rather than a financial statement. Choice B is incorrect because it describes a budget or projection for the future, rather than a statement of historical or current financial position. Choice D is incorrect because it describes a process or method, rather than a financial statement.

The Most Appropriate Definition of a Balance Sheet Is That