Which of the following is a statement of what a business owns,what it owes to others,and how much value the owners have invested in it?
A) Income statement
B) Balance sheet
C) Cash flow statement
D) Statement of retained earnings

Question

Quizplus · Accepted Answer

A balance sheet is a financial statement that presents a company's financial position at a specific point in time by showing what the business owns (assets), what it owes to others (liabilities), and how much value the owners have invested in it (equity). The other financial statements listed (income statement, cash flow statement, statement of retained earnings) do not provide this information.

Which of the Following Is a Statement of What a Business