Assets and liabilities are reported on
A) the balance sheet.
B) the income statement.
C) the statement of owner's equity.
D) both the balance sheet and the income statement.

Question

Quizplus · Accepted Answer

Assets and liabilities are two of the three main categories of items that are reported on the balance sheet, which is a financial statement that reports a company's financial position at a specific point in time. The income statement reports a company's financial performance over a period of time, while the statement of owner's equity shows changes in the owner's equity section of the balance sheet. Therefore, the correct answer is A) the balance sheet.

Assets and Liabilities Are Reported on