The balance sheet reports information about:
A)revenues,expenses,and equity.
B)liabilities,equity,and expenses.
C)assets,revenues,and liabilities.
D)assets,liabilities,and owners' equity.

Question

Quizplus · Accepted Answer

The balance sheet reports information about the company's assets, liabilities, and owners' equity. Assets are the resources owned by the company, such as cash, inventory, or property. Liabilities are the company's obligations, such as loans or accounts payable. Owners' equity represents the owners' investment in the company, such as common stock or retained earnings. The balance sheet does not report revenue or expenses, which are reported on the income statement.

The Balance Sheet Reports Information About