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 equity.

Question

Quizplus · Accepted Answer

The balance sheet reports information about the assets (what the company owns), liabilities (what the company owes), and equity (what is left over after liabilities are subtracted from assets). The balance sheet does not report information about revenues and expenses, which are included on the income statement. Therefore, the best choice is D, which includes assets, liabilities, and equity.

The Balance Sheet Reports Information About