Which of the following financial statements reports that total assets are equal to total liabilities plus total owner's equity?
A)statement of owner's equity
B)statement of cash flows
C)income statement
D)balance sheet

Question

Quizplus · Accepted Answer

The balance sheet reports the financial position of a company at a specific point in time and shows that the total assets of the company are equal to the total liabilities plus the owner's equity. The statement of owner's equity reports the changes in the owner's equity over time, the income statement reports the revenues, expenses, and net income or loss over a period of time, and the statement of cash flows reports the cash inflows and outflows over a period of time.

Which of the Following Financial Statements Reports That Total Assets