A personal balance sheet summarizes
A)income,expenses and net worth.
B)cash inflows,outflows and net worth.
C)assets,net worth,and income.
D)assets,liabilities,and net worth.

Question

Quizplus · Accepted Answer

A personal balance sheet summarizes assets, liabilities, and net worth. Income and expenses are typically reflected in the changes to assets and liabilities over time, but are not included as separate categories on the balance sheet. Cash inflows and outflows may also be reflected in the changes to assets and liabilities, but are not separate categories on the balance sheet either.

A Personal Balance Sheet Summarizes