Which of the following describes the proper form of a balance sheet?
A)The heading sets forth the period of time covered.
B)Cash is always the first asset listed,followed by permanent assets (such as land and buildings),and finally by assets such as receivables and supplies.
C)Liabilities are listed before owners' equity.
D)A subtotal for total assets plus total liabilities is shown.

Question

Quizplus · Accepted Answer

A balance sheet lists assets, liabilities, and owners' equity at a specific point in time. Liabilities are listed before owners' equity, which is the correct order of presentation.

Which of the Following Describes the Proper Form of a Balance