A statement of assets and liabilities of any business entity is called

Name: A statement of assets and liabilities of any business entity is called
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A balance sheet shows the assets (what a business entity owns) and liabilities (what a business entity owes) at a specific point in time. It is one of the three main financial statements, along with an income statement and cash flow statement. A statement of net worth is similar to a balance sheet, but it only shows the owner's equity in the business.

A Statement of Assets and Liabilities of Any Business Entity