The balance sheet is a snapshot of the entity.Which of the following items are included on the balance sheet?

Question

Quizplus · Accepted Answer

The balance sheet includes assets (such as cash, property, and equipment), liabilities (such as loans and accounts payable), and equity (including retained earnings). Revenues and expenses are recorded on the income statement, and dividends are a distribution of profits to shareholders, which are reflected in the equity section of the balance sheet.

The Balance Sheet Is a Snapshot of the Entity