The balance sheet reports assets,liabilities,and owner's equity on a specific date.

Name: The balance sheet reports assets,liabilities,and owner's equity on a specific date.
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Quizplus · Accepted Answer

This statement is true. The balance sheet is a financial statement that reports the assets, liabilities, and owner's equity of a company at a specific date. It provides a snapshot of the company's financial position and is an important tool for investors, creditors, and other stakeholders to assess the company's financial health.

The Balance Sheet Reports Assets,liabilities,and Owner's Equity on a Specific