Entrepreneurs use a(n) ________ to track assets and liabilities.
A) Balance sheet
B) Cash flow statement
C) Income statement
D) Balance report
E) Liabilities list

Question

Quizplus · Accepted Answer

An entrepreneur would use a balance sheet to track their assets (what they own) and liabilities (what they owe). The balance sheet provides a snapshot of the business's financial position at a specific point in time. It helps the entrepreneur understand how much money they have available to invest in the business or pay off debts. The cash flow statement and income statement provide other important financial information, but they do not specifically track assets and liabilities.

Entrepreneurs Use A(n) ________ to Track Assets and Liabilities