A balance sheet lists:
A) The inflows and outflows of cash during the period.
B) The types and amounts of assets, liabilities, and equity of a business as of a specific date.
C) Only the information about what happened to equity during a time period.
D) The assets and liabilities of a company but not the owner's equity.
E) The types and amounts of the revenues and expenses of a business.

Question

Quizplus · Accepted Answer

A balance sheet is a statement that reports a company's financial position at a specific point in time. It lists the types and amounts of assets, liabilities, and equity of the business. It does not show the inflows and outflows of cash during a period, information about what happened to equity during a time period or the revenues and expenses of the business.

A Balance Sheet Lists