This records assets, liabilities, and the equity owned by the owners of an organization.
A) Balance sheet
B) Accounts payable
C) Income statement
D) Payroll

Question

Quizplus · Accepted Answer

The balance sheet is the financial statement that records the assets, liabilities, and equity of an organization. Accounts payable and payroll are specific accounting functions, while the income statement records revenue and expenses over a period of time, but not necessarily the overall financial position of the organization.

This Records Assets, Liabilities, and the Equity Owned by the Owners